Balbix, a cybersecurity posture management startup, raised $70 million in a Series C funding round this week, bringing the total investment in the company to more than $100 million.
Third Point Ventures, Nautilus Venture Partners, Modern Venture Partners, Franklin Park, Mayfield, JC2 Ventures, Mubadala Capital, Alter Venture Partners, and Singtel Innov8 all participated in the current investment round, which was led by Redline Capital.
The funds will be utilised to enhance the company’s products as well as its marketing strategy.
Balbix has created a cybersecurity posture automation tool that allows security teams to catalogue cloud and on-premises assets, manage vulnerabilities, and quantify cyber risk in dollars.
Balbix claims that since signing multi-million dollar contracts with four Fortune 100 businesses last year, its yearly recurring revenue has more than doubled.