ALBUQUERQUE, N.M. — Albuquerque-based cybersecurity firm RiskSense Inc. has closed on another $12 million round of venture investment, the company announced on Tuesday.
New York-based Spring Mountain Capital, an investment management firm that offers expansion equity, co-led the latest raise with NightDragon Security, which specializes in growing cybersecurity companies from early stage to exit. The two are newcomers to RiskSense, which previously raised $14 million in two rounds of investment in 2016 and 2017 with participation from five other venture firms.
The previous backers include Santa Fe-based Sun Mountain Capital, Epic Ventures, UL Ventures, Jump Capital and Paladin Capital Group. Those investors participated again in the latest round.
The new capital will boost RiskSense’s efforts to grow the market for its proprietary software, which helps organizations find cybersecurity risks, orchestrate remediation and monitor results.
“The proceeds will help RiskSense further build out its marketing plans, enlarge its sales force, and reach new technology milestones,” said Sun Mountain partner Sally Corning. “We’re excited to participate. The company is doing well and continues to grow its workforce in Albuquerque.”
RiskSense, which operates at an 18,400-square-foot facility in north Albuquerque plus a satellite office in Sunnyvale, Calif., reported 85 employees as of June, 65 of them in New Mexico.
Spring Mountain Managing Director David Wong and NightDragon founder Dave DeWalt will now join the RiskSense board. Wong said RiskSense is poised for substantial growth.
“Spring Mountain Capital invests in companies that are developing breakthrough technology innovations in high-growth markets,” Wong said in a prepared statement. “RiskSense stands out in the cyber risk management sector because of its ability to identify and prioritize security blind spots, so companies can fix what matters most.”
The company already serves customers in every major industry, including some of the largest financial services, telecommunications, utilities, retail, health care and government organizations. The latest investment will help it expand a lot faster, said RiskSense CEO Srinivas Mukkamala.
“The funding will provide the resources we need to accelerate our business momentum and strengthen our technology advantage,” Mukkamala said in a statement.