Black Kite, a supplier of third-party cyber risk rating services, announced today that it has raised $22 million in a Series B fund raising round led by Volition Capital, increasing the company’s total capital to over $33.1 million.
Black Kite provides a cyber ratings platform that assesses risk from a technical, financial, and compliance standpoint to assist clients in determining which vendors pose the greatest danger to their business on a continuous and automatic basis.
For ease of use, Black Kite uses MITRE-developed frameworks to calculate ratings and transform technical words into letter grades. The Open FAIR model is also used by the platform to quantify the likely financial impact of a breach at a third-party vendor or partner.
Customers can use Black Kite’s classification to see how well third-party entities comply with various regulations and standards, such as NIST 800-53, ISO27001, PCI-DSS, HIPAA, GDPR, Shared Assessments, and others.
Black Kite wants to use the new funds to increase its footprint in a growing, but highly competitive sector that includes significant competitors like BitSight, SecurityScorecard, RiskRecon (bought by Mastercard), UpGuard, Panorays, SecZetta, and others.
With over 300 customers, Black Kite claims to have more than doubled its customer base and staff headcount in the previous year, and has recently expanded its headquarters into Boston’s famous Prudential Center, with plans for ongoing rapid employment expansion in Boston.
Moore Strategic Ventures (MSV), Glasswing Ventures, and Data Point Capital were among the existing investors in the round.