Veteran Hobart cybersecurity and risk management startup UpGuard has raised US$75 million (A$105m) in a Series C.
The round was lead by New York private equity firm Springcoast Partners with support from existing investors August Capital, Square Peg, and Pelion Venture Partners.
The funds will go towards the AI-powered cyber risk posture management (CRPM) platform capabilities, go-to-market functions, and strategic acquisitions.
CRPM platform checks risks in overlooked posture areas such as vendor risk for the supply chain, breach risk for the external attack surface, user risk for workforce security, trust exchange for data sharing, and risk automations for governance, risk, and compliance engineering.
UpGuard was founded in 2012 as ScriptRock by Mike Baukes and Alan Sharp-Paul. Its first investor was Startmate. Other rounds include a US$19m (A$25m) Series “B-1” in 2021 led by Firemark Ventures.
Baukes, the CEO, said the business now has customers in 90 countries and a workforce on the ground in 14 countries.
“UpGuard has an opportunity to bridge the gap between risk and security, and this Series C round adds even more fuel to accelerate the delivery of our enterprise-grade solutions for the mid-market,” he said.
“This ensures that CISOs and lean security teams can stay resilient with best-in-class tools to address today’s increasingly complex threat landscape.”
Springcoast managing partner Holger Staude said UpGuard shifts the cybersecurity burden from manual review to AI-driven automated precision.
“UpGuard has proven its ability to execute and achieve significant scale and capital efficiency in a critical market, and they have the vision and technology to achieve even more,” he said.
“We are excited to partner with the UpGuard team as they expand their AI-CRPM platform capabilities and solidify their position as a leader in cyber risk posture management.”
UpGuard is headquartered in Hobart, Tasmania with US headquarters in Mountain View, California.
