San Francisco-based Bay Dynamics raised $23 million in series B funding led by Carrick Capital Partners and joined by return backers Comcast Ventures.
Bay Dynamics, which describes itself as a cyber risk analytics provider, was founded by Feris Rifai and Ryan Stolte in 2001. Both have a background in security analytics, and the company’s goal is leverage businesses’ existing security systems to provide an analytics platform.
The company’s most recent funding will be used to extend its Risk Fabric security platform, which is meant to help users identify who to investigate, what their top threats are, where the network is most vulnerable, and how to mitigate threats.
The Risk Fabric platform uses a common data model to deliver a view of security and risk across executives, the board, business managers, and security professionals.
In February, Bay Dynamics launched its threat alliance partner program, which brings together regional and national industry professionals to address the challenges of insider threats. The program includes resellers, consulting partners, technology and solution providers, system integrators, and security service providers. Technology alliance partners include HP, Symantec, Microsoft, CA Technologies, and FireEye just to name a few.
The funding is good news for Bay Dynamics and other similar vendors because the risk analytics market is expected to grow from a $16.55 billion business today to $30.18 billion in 2021, according to a MarketsandMarkets report. The high growth can be attributed to changing customer expectations, market competition, and regulatory constraints faced by the manufacturing industry. The banking and financial services industry is expected to contribute the largest share in this market, the report says.
Bay Dynamics’ current client base includes NBC, Wells Fargo, JPMorgan Chase, Comcast, US Bank, First Data, and UBS.