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RiskSense garners $7M in venture investment

ALBUQUERQUE, N.M. — The Albuquerque-based cybersecurity firm RiskSense closed on a $7 million investment this week from local and out-of-state venture firms to help grow its markets and expand its products.

It’s the first institutional investment to date in RiskSense, which launched in 2006 based on cybersecurity technology and expertise developed at the New Mexico Institute of Mining and Technology in Socorro. The company has emerged in recent years as a fast-growing player in the booming cybersecurity market. It offers businesses and government a platform to provide real-time evaluation of cyber risks, to rapidly remediate problems and to adopt adequate defenses.

“With RiskSense, enterprises and governments are finally able to manage cyber risk, quickly orchestrate remediation and monitor the results in the context of the organization’s business goals,” said RiskSense CEO Srinivas Mukkamala. “This round of financing will help us invest in the resources we need to execute our vision even more rapidly and broadly — and capture more market share.”

Paladin Capital Group, one of the world’s leading cybersecurity investors with $1 billion under management, led the investment round. Epic Ventures in Albuquerque and Sun Mountain Capital in Santa Fe also participated, giving New Mexico a direct stake in the company. Sun Mountain manages the State Investment Council’s startup investments, and some of Epic’s funds include private equity from the SIC.

Previously known as Computational Analysis & Network Enterprise Solutions, or CAaNES, the company until recently offered direct network security and digital forensics services to customers managed by the CAaNES team of researchers and engineers.

But in 2013, it released its cyber technology management system as a software platform called RiskSense, and later changed its name to reflect that.

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Companies now license the software for analysis and management of problems. RiskSense provides ongoing support under a software-as-a-service model. The platform tells customers what’s not working for their network, why it’s not working and how to fix it.

It also provides online management tools for executives to supervise, track and evaluate system remediation tasks.

The company has grown rapidly, with 150 customers now in many industry sectors. Its revenue reached $4.7 million in 2014, up from $1.25 million in both 2011 and 2012. It doubled its workforce from 37 in 2014 to 70 today. And last year, it moved from two office spaces with a combined 4,900 square feet in Uptown and the Northeast Heights to an 18,400-square-foot space in north Albuquerque. It also opened a satellite office in the Silicon Valley.

With new funding, the company expects to hire more people and increase marketing.

 


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