National Grid invests in cyber-security firm RiskIQ
June 16, 2020
British multinational utility company National Grid is investing in California-based RiskIQ so it can bring its attack surface management, threat detection and threat hunting capabilities to critical infrastructure industries.
The investment was made through National Grid Partners (NGP), the utility’s Silicon Valley-based venture and innovation arm.
Over 6000 organisations worldwide, including 30 per cent of the Fortune 500, use RiskIQ's capabilities for their cyber-security programmes, including vulnerability management, application security and penetration testing programmes.
The $15m series D funding round reflects RiskIQ’s ability to enable safe, sustained growth and digital innovation by addressing threats outside the firewall, where 70 per cent of cyber attacks now originate. RiskIQ's existing investors Summit Partners, Battery Ventures, Georgian Partners and MassMutual Ventures joined NGP in the round.
"We view NGP's show of support as an incredible opportunity to help customers in new markets thrive as their attack surfaces expand outside the firewall, especially now amid the Covid-19 pandemic," said RiskIQ CEO Lou Manousos. "Like us, NGP recognises that operational technology around attack surface management is no longer just nice to have, and is a must for all businesses. We look forward to this collaboration bringing RiskIQ technology, as well as a platform for information sharing and community defence, to this sector.”
Mapping the internet for the past decade, RiskIQ has developed visibility, allowing organisations to discover and inventory their digital attack surface, including IoT assets, third-party code, internet-exposed services and mobile applications. The company's platform autonomously updates this inventory while simultaneously monitoring it for threats – a mission-critical cyber-security operation for critical infrastructure organisations to defend against nation-state cyber adversaries.
"As a staple platform in their core security environment, our cyber threat analysts use RiskIQ regularly to enrich and identify incoming threats," said Lisa Lambert, chief technology officer of National Grid. "At NGP, we seek to partner with and invest in high growth companies that are strategic to National Grid. RiskIQ is a category leader in attack surface management, with impressive technology and growth, and we are excited to lead their latest financing round."
Director Andre Turenne led the investment for National Grid Partners.
Along with the investment, NGP will be instrumental in providing on-going strategic and tactical advice and guidance to RiskIQ as the company penetrates deeper into the infrastructure, manufacturing and utility markets.
"We're thrilled that our market leadership, vision and substantial financial prospects made a strategic relationship with us attractive," said Manousos. "The investment supports RiskIQ's continued commitment to growth in new markets and illustrates the recognition of our technology.”