BitSight Revenue, Valuation, Funding & Investors

BitSight is valued at $2.4B as of September 2021, a 12.0x multiple on its last reported $200M revenue.

Last BitSight valuation

$2.4B

Strategic investment · Sep 2021

Last BitSight funding round

$250M

Strategic investment · Sep 2021

BitSight revenue

$200M

Strategic investment · Sep 2021

Key investors in BitSight

  • Menlo Ventures
  • Flybridge
  • Singtel Innov8
  • Globespan Capital Partners
  • SHAUN MCCONNON
  • Notable Capital

BitSight Overview

About BitSight

BitSight is a Boston-headquartered provider of security ratings platforms. The company applies algorithms to generate daily ratings from 250 to 900, aiding third-party risk management, cyber insurance underwriting, performance benchmarking, M&A due diligence, and aggregate risk assessment. BitSight serves over 1,000 customers, including seven of the top 10 cyber insurers, 20 percent of Fortune 500 firms, and three of the top five investment banks.


Founded

2011

HQ

United StatesBoston, MA

Status

Privately held

Customer focus

B2B

Revenue model

Subscription

Revenue

$200M (Sep 2021)

Valuation

$2.4B (Sep 2021)

BitSight Valuation

BitSight is currently valued at $2.4B, based on its strategic investment round in September 2021.

The $250M round was led by Moody's.

BitSight's valuation has grown 49x from $49M at its Series A in June 2013 to $2.4B in September 2021, across 4 priced rounds.

BitSight valuation by funding round

Revenue multiple
BitSight valuation by funding round
DateStageValuationRevenue Multiple
Sep 2021Strategic investment$2.4B12.0x
Jun 2018Series D$600M3.0x
Sep 2016Series C$330M-
Jun 2013Series A$49M-

BitSight Revenue

BitSight's latest recorded revenue is $200M, as of its strategic investment round in September 2021. At a $2.4B valuation, that implies a 12.0x revenue multiple.

Revenue moved from $200M in June 2018 to $200M in September 2021, while the revenue multiple moved from 3.0x to 12.0x.

BitSight revenue by funding round

BitSight revenue and valuation multiple by funding round
DateRevenue *ValuationRevenue MultipleStage
Sep 2021$200M$2.4B12.0xStrategic investment
Jun 2018$200M$600M3.0xSeries D

* Revenue (or ARR) figures are the values recorded alongside each funding round. Typically run-rate revenue at the time of the deal, or a reported LTM (last 12 months) revenue.

BitSight Funding History

BitSight has raised a total of $397M across 5 funding rounds.

BitSight's first fundraising round was a $24M Series A in June 2013. The most recent completed round was a $250M strategic investment round in September 2021.

BitSight funding rounds

BitSight funding rounds
DateStageInvestorsRaisedValuationDeal Summary
Sep 2021Strategic investmentMoody's (lead)$250M$2.4BBitSight Technologies is a cybersecurity ratings company that provides a platform to assess organizations' security effectiveness by mapping technology assets, identifying vulnerabilities, misconfigurations in cloud and SaaS, and risks in on-premises and IoT systems. On September 13, 2021, it received a $250 million investment solely from Moody's Investors Service, valuing the company at $2.4 billion post-money and making Moody's its largest shareholder with a minority stake. This corporate minority round brought BitSight's total funding to over $400 million across six rounds, following a $60 million Series D in 2018 at $600 million valuation. The investment funds enhancements to BitSight's offerings, including the creation of a Risk Solutions Division for boards, C-suite executives, and chief risk officers, focusing on analytics and solutions for cyber risk quantification. Concurrently, BitSight acquired VisibleRisk, a Moody's-backed cyber risk ratings joint venture with Team8, adding capabilities for in-depth cyber risk assessment and financial exposure analysis. Moody's plans to integrate BitSight's cyber risk data into its risk assessment products to link cybersecurity to credit and financial risks. At the time, BitSight had nearly 500 employees and over 2,300 global customers, including government agencies, insurers, and asset managers. The partnership positions BitSight as a leader in cybersecurity ratings amid rising cyber threats, enabling better measurement of cyber risk's financial impact across markets.
Jun 2018Series DWarburg Pincus (lead); Menlo Ventures; Singtel Innov8; Notable Capital$60M$600MBitSight is a cybersecurity company providing security ratings that assess the security risk posture of organizations, serving as a standard for cyber risk management in business relationships. On June 28, 2018, it closed a $60 million Series D funding round led by Warburg Pincus, with participation from Menlo Ventures, GGV Capital, and Singtel Innov8, bringing total funding to $155 million. The investment supports global expansion, enhancement of security risk management solutions including analytics, and reinforcement of its leadership in the rapidly growing security ratings market, where demand is driven by increasing cyber threats and analyst predictions like Gartner's forecast that cybersecurity ratings will become as critical as credit ratings by 2022. Warburg Pincus, a global private equity firm with over $60 billion in assets under management and a track record in cybersecurity and ratings agencies, views BitSight as the category creator and market leader with strong potential for global growth. Cary Davis, Managing Director at Warburg Pincus, joined the board, emphasizing the platform's role in continuous cyber risk monitoring. The round underscores investor confidence in BitSight's executive team, led by CEO Tom Turner and Executive Chairman Shaun McConnon, and its ability to execute in a market pivotal for cyber-defense, vendor risk management, and insurance.
Sep 2016Series CNotable Capital (lead); Menlo Ventures; Comcast Ventures; SHAUN MCCONNON; Flybridge; Singtel Innov8; Liberty Global; Globespan Capital Partners$40M$330MBitSight, the standard in Security Ratings, closed a $40 million Series C funding round in September 2016, led by Notable Capital (listed as GGV Capital in primary press release), with participation from existing investors Flybridge Capital Partners, Globespan Capital Partners, Menlo Ventures, Shaun McConnon, and venture arms of Comcast Ventures, Liberty Global Ventures, and Singtel Innov8. This brought total funding to $95 million. The round was oversubscribed and aimed to extend leadership in the security ratings market, recognized by Gartner, by enhancing analytics and enterprise adoption. Key traction around the round included doubling sales in the first half of 2016 compared to 2015, quadrupling customer count to over 450 enterprises (60 Fortune 500), and growing employee headcount by 58% across North America, EMEA, and APAC. With $60 million in cash post-round, BitSight emphasized accelerating growth in cyber risk management.
Jun 2015Series BComcast Ventures (lead); Portugal Ventures; Menlo Ventures; SHAUN MCCONNON; Flybridge; Singtel Innov8; Commonwealth Capital Ventures; The Perkins Fund; Globespan Capital Partners$23M-BitSight Technologies, a cybersecurity ratings company providing security performance benchmarking and vendor risk management, closed a $23 million Series B funding round in June 2015 led by Comcast Ventures, with participation from existing investors Globespan Capital Partners, Menlo Ventures, Commonwealth Capital Ventures, Shaun McConnon, and Flybridge Capital Partners. This round brought the company's total funding to $49 million following a $24 million Series A in June 2013 and earlier seed and grant funding. The new capital was allocated to expand sales and marketing into Europe and APAC, grow engineering and data science teams for new data analytics products, and pursue acquisitions of key data source partners. By the first two quarters of 2015, BitSight had secured over 150 enterprise customers and tripled revenue from 2014 levels, demonstrating strong early traction in the security ratings market. The company focused on continuous vendor risk management, positioning itself to transform how organizations measure cyber risk. Channel partners were expected to grow from 10% to 40% of revenues by year-end 2015, highlighting a shifting go-to-market strategy. Subsequent rounds built on this momentum: a $40 million Series C in 2016 led by GGV Capital, including Singtel Innov8, Liberty Global Ventures, and prior investors, bringing total funding to $95 million and quadrupling customers to over 450 enterprises while doubling sales in the first half of 2016. A $60 million Series D in 2018 led by Warburg Pincus pushed funding past $200 million, followed by a $250 million investment from Moody's in 2021 valuing BitSight at $2.4 billion and elevating total funding over $400 million.
Jun 2013Series APortugal Ventures; Menlo Ventures; SHAUN MCCONNON; Flybridge; Commonwealth Capital Ventures; The Perkins Fund; Globespan Capital Partners$24M$49M-

Who has invested in BitSight?

13 investors have backed BitSight across its funding rounds, including Menlo Ventures, Flybridge, Singtel Innov8, Globespan Capital Partners, SHAUN MCCONNON and Notable Capital.

Lead investors include Moody's, Warburg Pincus, Notable Capital and Comcast Ventures.


BitSight Investors

Investors in BitSight by funding rounds participated
InvestorHQRoundsRoleFirst check
Menlo VenturesUnited StatesSan Francisco, CA4ParticipantJun 2013
SHAUN MCCONNONUnited StatesUnited States3ParticipantJun 2013
FlybridgeUnited StatesNew York City, NY3ParticipantJun 2013
Singtel Innov8SingaporeSingapore3ParticipantJun 2015
Globespan Capital PartnersUnited StatesBoston, MA3ParticipantJun 2013
Portugal VenturesPortugalPorto2ParticipantJun 2013
Comcast VenturesUnited StatesSan Francisco, CA2LeadJun 2015
Commonwealth Capital VenturesUnited StatesBoston, MA2ParticipantJun 2013
The Perkins FundUnited StatesSan Francisco, CA2ParticipantJun 2013
Notable CapitalUnited StatesSan Francisco, CA2LeadSep 2016
Liberty GlobalUnited KingdomLondon1ParticipantSep 2016

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Acquisitions by BitSight

BitSight has acquired 4 companies to date.

Last acquisition by BitSight was on November 14th 2024. BitSight acquired Cybersixgill for $115M.


Latest Acquisitions by BitSight

Cybersixgill
ThirdPartyTrust
VisibleRisk
Anubisnetworks
Description
Cybersixgill is a Tel Aviv-based threat intelligence provider offering autonomous solutions for phishing, data leaks, fraud, malware, and vulnerabilities. The Investigative Portal delivers deep and dark web intel with remediation insights. Darkfeed blocks malicious IOCs, and DVE Score predicts vulnerability risks. Cybersixgill serves global enterprises, financial services, MSSPs, government, and law enforcement.
ThirdPartyTrust is a SaaS platform for third-party risk management in cybersecurity. Denver, Colorado-based ThirdPartyTrust enables enterprises to assess vendors via automated security audits and compliance repositories. Clients like Workday and ServiceNow require suppliers to maintain profiles with SOC 2 reports and insurance certificates. The platform supports CISOs in monitoring risks across supply chains.
VisibleRisk is a New York-based joint venture between Moody’s and Team8 that quantifies cyber risks in financial terms. The platform assesses vulnerabilities, simulates breach impacts, and benchmarks against peers for board-level reporting. Launched in 2021, VisibleRisk serves enterprises in finance, healthcare, and technology sectors.
AnubisNetworks is a Lisbon-headquartered provider of email security solutions including antispam, antivirus, and anti-malware tools. The company serves managed service providers, carriers, and internet service providers worldwide with cloud-based protection platforms.
HQ CountryIsraelUnited StatesUnited StatesUnited States
HQ City
Tel Aviv
Chicago, IL
New York City, NY
Boston, MA
Deal Date14 Nov 20241 Aug 202213 Sep 202121 Oct 2014
Valuation$115Mundisclosedundisclosedundisclosed
EV/Revenue
EV/EBITDA

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BitSight Competitors

BitSight competitors include listed companies like Shanghai DZH and Mitek Systems, and private ones like Transmit Security, CertiK, Qontigo and Capitolis.

Public and private companies comparable to BitSight
CompanyHQStatusRevenueEBITDAValuationRevenue Multiple
Shanghai DZHChinaChinaPublicly listed$123M($545K)$2.4B-
Transmit SecurityUnited StatesBoston, MAPrivate$100M-$2.7B27.4x
CertiKUnited StatesNew York City, NYPrivate--$2B-
QontigoGermanyEschbornPrivate--$3.5B-
CapitolisUnited StatesUnited StatesPrivate--$1.6B-
Mitek SystemsUnited StatesUnited StatesPublicly listed$180M$37M$781M3.7x

BitSight Public Comps

BitSight is still privately-owned, but its public comps include Shanghai DZH, Venustech Group, Servyou Software Group, QiAnXin, A10 Networks, NetScout Systems, AvePoint, CETC Cyberspace Security, Cellebrite and Progress Software.

Last FYEV/RevenueEV/EBITDA
RevenueEBITDALast FYLTM2027ELast FYLTM2027E
Shanghai DZH$123M($545K)18.1x-(4082.3x)-
Venustech Group$349M($60M)6.6x6.0x(38.4x)(176057.4x)
Servyou Software Group$306M$35M7.4x6.6x64.6x44.3x
QiAnXin$655M($147M)4.6x4.5x(20.4x)(41.4x)
A10 Networks$291M$62M6.3x5.7x29.4x19.1x
NetScout Systems$859M$163M2.6x2.6x13.9x9.5x
AvePoint$419M$42M5.9x5.1x58.4x27.4x
CETC Cyberspace Security$338M$20M4.5x-73.6x-

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Common questions about BitSight

When was BitSight founded?BitSight was founded in 2011.
Where is BitSight headquartered?BitSight is headquartered in Boston, MA, United States.
Is BitSight publicly listed?No, BitSight is a private, VC-backed company.
What is BitSight's valuation?BitSight was last valued at $2.4B in its strategic investment round in September 2021.
How much funding has BitSight raised?BitSight has raised $397M across 5 funding rounds.
What was BitSight's last funding round?BitSight's last funding round was a $250M strategic investment round in September 2021, led by Moody's.
Who are BitSight's investors?BitSight's investors include Menlo Ventures, SHAUN MCCONNON, Flybridge, Singtel Innov8, Globespan Capital Partners, Portugal Ventures, Comcast Ventures, Commonwealth Capital Ventures, The Perkins Fund, Notable Capital and 3 others.
What is BitSight's revenue?BitSight's latest recorded revenue is $200M (September 2021).
What is BitSight's revenue multiple?BitSight's latest valuation implies a 12.0x revenue multiple ($2.4B valuation on $200M of revenue).
Which companies are comparable to BitSight?Companies comparable to BitSight include Shanghai DZH, Transmit Security, CertiK, Qontigo, Capitolis and Mitek Systems.
How many companies has BitSight acquired?BitSight has acquired 4 companies, including Cybersixgill, ThirdPartyTrust, VisibleRisk and Anubisnetworks.
What was the largest acquisition by BitSight?The $115M acquisition of Cybersixgill in November 2024 is the largest acquisition BitSight has made to date.

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