By Jane Lanhee Lee
(Reuters) – Brinqa, a startup that helps businesses map out their cybersecurity applications and alert them of gaps, on Tuesday said it raised $110 million from private equity firm Insight Partners.
Cybersecurity companies have been getting big rounds of funding as remote work and the mounting numbers of digital gadgets increase the opportunities for hackers to break in.
For Austin, Texas based Brinqa, founded in 2009, this is the first institutional investment, with the company self-funded until now, said CEO Amad Fida. He declined to share how much the company was valued at, adding only that Insight Partners received a minority stake.
“A large enterprise would have upwards of 50 to 60 systems feeding data into Brinqa. And then Brinqa, it looks at that knowledge, combs it, or correlates it, makes some sense out of it and identifies things that are high risk, medium risk, low risk,” said Fida. The company can then be alerted automatically of any security gaps and in some cases the Brinqa software can change setting on applications to close those gaps, he said.
The shortage of cybersecurity talent makes software that can automate a large part of the security work increasingly important, say cybersecurity industry executives.
(Reporting By Jane Lanhee Lee; Editing by Lincoln Feast.)
