Palo Alto-based cybersecurity firm Safe Security, formerly known as Lucideus, has raised $70 million in its Series C funding round, led by Avataar Ventures. The round also saw participation from a mix of new and returning investors, including Susquehanna Asia Venture Capital, NextEquity Partners, Prosperity7 Ventures, Eight Roads, Sorenson Capital, and former Cisco CEO John Chambers.
The freshly raised capital will be utilized to further Safe’s strategic vision around ‘CyberAGI’—a next-generation approach to cybersecurity leveraging artificial intelligence. The funds will fuel growth across engineering, go-to-market operations, and research & development.
Founded in 2012 at IIT Bombay by Saket Modi, Viditkumar Baxi, and Rahul Tyagi, Safe Security began as a bootstrapped venture. Over time, the company relocated its headquarters to Palo Alto, California, while also establishing a global presence with offices in New York, London, Bengaluru, and New Delhi.
Safe Security offers AI-driven solutions focused on Cyber Risk Quantification (CRQ), Third-Party Risk Management (TPRM), and Continuous Threat Exposure Management (CTEM). The company’s platform helps organizations identify, quantify, and reduce cyber risks across their internal operations and external vendor ecosystems.
A key product milestone for the company is the recent launch of a fully autonomous CTEM solution, which it claims is the world’s first of its kind. Integrated within its flagship Cyber Risk Singularity platform, the CTEM solution builds on Safe’s prior success in the CRQ and TPRM segments—both of which have gained significant traction, with over 50% of Safe’s customers now using the TPRM module.
The company has reported triple-digit revenue growth for three consecutive years and has now raised over $170 million in total funding to date. Safe Security’s clientele includes global enterprises such as Google, Fidelity, T-Mobile, Chevron, and IHG.
This Series C round marks a key inflection point in Safe Security’s journey, as it prepares to scale its AI-first cybersecurity offerings and strengthen its market leadership in the emerging category of automated and quantifiable cyber risk management.
