BitSight Nabs $40M as Cybersecurity Ratings Sector Picks Up Steam

BitSight Technologies wasn’t looking to raise more money from investors when GGV Capital came calling in April.

The cybersecurity ratings startup still had nearly $20 million stashed in the bank from the Series B funding round it raised in June 2015, says Tom Turner, BitSight’s chief operating officer and president.

But BitSight executives decided they couldn’t pass up the opportunity, Turner says. “It’s very hard to raise a late round of funding—at least that’s what we hear from the market,” he says in a phone interview. The fruits of their negotiations were announced today: Cambridge, MA-based BitSight has closed on a $40 million Series C funding round led by GGV, which has an office in the Bay Area and two offices in China. Previous BitSight backers also contributed, including Globespan Capital Partners, Menlo Ventures, BitSight CEO Shaun McConnon, Flybridge Capital Partners, Comcast Ventures, and others. GGV’s Glenn Solomon will join BitSight’s board. For the full article click here 

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