AZ Big Media Bishop Fox Secures $75M in Growth Funding

0

Bishop Fox, the leading authority on offensive security, today announced a $75 million Series B funding from growth-focused investment firm, Carrick Capital Partners. The second strategic round brings total funding to $100 million for the 17-year-old cybersecurity company. The funding will be used to grow the company’s unparalleled team of offensive security experts and fuel the expansion of its award-winning Cosmos platform. As part of the transaction, Carrick chief executive Chris Wenner will join Bishop Fox’s board of directors, alongside current board member Will Lin, chief executive of Forgepoint Capital, the lead investor in the Series A. Forgepoint chief executive Don Dixon will transition from his role as a member of the board of directors to that of an advisor to the board of directors.

Greater Phoenix tech companies are quickly attracting significant interest and investment from venture capitalists. With innovation as a springboard, the region has become a thriving tech hub and GPEC celebrates each success as this ecosystem grows.

As cyberattacks escalate in the wake of economic uncertainty and geopolitical dynamics, the U.S. government has proposed legislation to increase public-private collaboration on cybersecurity, including bills to to develop and activate a broader workforce and to promote education and readiness for the defense of U.S. assets. . These initiatives place Bishop Fox in a unique position to lead the market in both areas. The company has developed one of the industry’s most prestigious educational programs for offensive security training and advancement, including Bishop Fox Academy, the program developed in partnership with universities and extensive mentoring resources . Plus, Bishop Fox’s comprehensive offensive security solutions and industry-leading attack surface management Technology help organizations proactively improve their security posture.

Bishop Fox’s power comes from creatively combining technology and automation with unparalleled human expertise to find vulnerabilities before the bad guys. This winning combination serves as the foundation for the Cosmos platform, which performs continuous large-scale offensive testing to outpace modern attackers. By performing more than 2.3 billion operations and identifying more than 13,000 exposures each week, Cosmos can save security teams more than 5,000 hours a year in identifying and triaging vulnerabilities, and reduce 82% the time to remediate critical vulnerabilities. Growing demand for the platform has resulted in a tripling of annual recurring revenue (ARR) in 2021.

“This capital will fuel further innovation in our Cosmos platform, investment in our staff and expansion of Bishop Fox Academy. By further developing the best technology and talent in the industry, we will continue to define the future of offensive security,” said Vinnie Liu, co-founder and CEO of Bishop Fox. “Furthermore, the funding will allow us to accelerate our international expansion, extending our expertise to help even more organizations defend themselves. We are delighted to partner with Carrick, an investor who shares our vision and mission.

“Bishop Fox has one of the best customer reputations we have ever encountered, as well as the highest quality technology solutions and services in the cybersecurity industry. The combination of their world-class security operators, unique process, and Cosmos technology platform has enabled them to continuously improve the security posture of large-scale, complex global enterprises,” said Wenner. “We are thrilled to partner with them to expand their leadership position and innovation in offensive security.”

Trusted by thousands of customers including Google, Equifax, John Deere, Sonos and Zoom,

Bishop Fox has continued to gain momentum and industry recognition since announcing record growth and success earlier this year. Highlights include:

• Achieve the only leadership ranking for Cosmos in the Maturity/Platform Play quadrant in the GigaOm Radar Report for Attack Surface Management (ASM).

• Achieved a “hat trick” in three separate industry awards programs – the Stevies, Globees and Global InfoSec Awards – all of which included innovation among the awards.

• Increase in first quarter bookings by more than 50% year over year from 2021 to 2022.

• Increase in the company’s workforce by 33% since the beginning of the year, with record hiring in the first half of 2022.

• Achieving a Net Promoter Score (NPS) of 90 in the first quarter of this year for consulting services, which is considered a world-class level of customer satisfaction.

• Developed its partnership with the ioXt Alliance, which in six months went from being an accredited laboratory partner to gaining approval to test IoT devices under the basic profile of the ioXt certification program.

• Expanded leadership team with Penelope “Penny” Yao as Vice President of Product Management and KJ Nouri as Vice President of Engineering.

“It has been a pleasure to partner with Bishop Fox on their extraordinary journey,” Lin said. “Their demonstrated commitment to comprehensive and continuous security innovation amid changing customer needs and the evolving threat landscape has made them the solution of choice for modern organizations, and why they are the leader in security We are delighted to continue our partnership and to welcome Chris and Carrick to the Board of Directors.

Share.

Comments are closed.