Bay Dynamics, a leader in cyber risk analytics, announced today that it has completed a $23 million Series B financing round led by Carrick Capital Partners, an investment firm focused on technology-enabled businesses including SaaS, Software, BPO and Transaction Processing. The round includes capital from Series A investor Comcast Ventures, the venture capital affiliate of Comcast Corporation.
The financing will be used to accelerate Bay Dynamics' national and global growth, go-to-market strategy and drive further innovation to help companies measure, communicate and reduce cyber risk.
'With Carrick Capital Partners' support, Bay Dynamics can make an even greater impact in the cyber security space,' said Feris Rifai, co-founder and CEO at Bay Dynamics. 'We are already helping companies nationwide shift their approach to focusing on risks to their most valued assets as the driver of their cyber security decisions. Now we are going to expand our reach and continue to innovate so that companies can easily and effectively embrace cyber risk management as part of their regular business processes.'
'We are very impressed with the quality of Bay Dynamics' cyber risk analytics platform and the endorsements we have heard from Bay Dynamics customers,' said Jim Madden, co-founder and Managing Director of Carrick Capital Partners. 'We believe the strongest and highest quality companies, like Bay Dynamics, will continue to thrive and we are excited to be a part of that growth.'
Hundreds of businesses nationwide, many of which are part of the Fortune 50, use Bay Dynamics' technology. The company's flagship cyber risk analytics platform, Risk Fabric®, helps organizations identify and remediate the most severe insider threats to their most valued assets, and automates the process of analyzing security information to quantify cyber risk in a traceable, trustworthy and prioritized manner. It also actively engages all parties -- from employees to line-of-business application owners to the board -- in measurably reducing cyber risk.
Last year Bay Dynamics' annual recurring revenue growth percentage on Risk Fabric was 326 percent with zero customer turnover. Bay Dynamics' number of channel partners has increased by almost 150 percent and number of deals has increased nearly 160 percent. The company has also enhanced its Risk Fabric platform enabling clients to adopt a more risk-centric approach to cyber security, which includes prioritizing threats and vulnerabilities surrounding their most valued assets. Bay Dynamics has seven issued patents in this realm with numerous others pending.
Bay Dynamics received an $8 million Series A financing round led by Comcast Ventures in 2014.
About Bay Dynamics
Bay Dynamics® is a cyber risk analytics company that helps companies measure, communicate and reduce cyber risk. The company's flagship analytics software, Risk Fabric®, automates the process of analyzing security information so that it's traceable, trustworthy and prioritized. The platform makes cyber risk everyone's business -- from employees to line-of-business application owners to the board -- and actively engages all parties in measurably reducing it. Bay Dynamics enables some of the world's largest organizations to understand the state of their cyber security posture, including contextual awareness of what their insiders, vendors and bad actors are doing, which is key to effective cyber risk management. For more information, please visit www.baydynamics.com.
About Carrick Capital Partners
Headquartered in San Francisco and Newport Beach, Carrick Capital Partners is a growth-oriented investment firm that utilizes ABV (Approach to Building Value) to operationally scale fast-growing, technology-enabled businesses. Carrick adds value by taking a concentrated approach and dedicating significant resources post-investment. Leveraging decades of experience, Carrick helps scale great companies that deliver excellent returns for investors, stimulating economic growth and positively impacting the industry landscape. Working directly with CEOs and entrepreneurs, Carrick fulfills a vital need for investment capital and growth expertise.