Cybersecurity startup Safe raises $70 million Series C round led by Avataar Ventures

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Cybersecurity firm Safe Security, formerly Lucideus, has raised $70 million in a Series C round led by Avataar Ventures.

Susquehanna Asia Venture Capital, NextEquity Partners and Prosperity7 Ventures, along with existing backers Eight Roads, Cisco chairman and CEO John Chambers and Sorenson Capital, also participated in the round, the company said on July 31.

Incubated at IIT-Bombay, Safe Security was founded in 2012 by Saket Modi, Viditkumar Baxi, and Rahul Tyagi, and was bootstrapped for its first four years.

Modi, a computer science engineer, and his team previously worked on the security assessment of the BHIM application developed by the National Payments Corporation of India (NPCI).

The company moved its headquarters to Palo Alto and now operates offices in New York, London, Bengaluru, and recently, New Delhi.

Safe Security helps organisations quantify, prioritise, and mitigate cyber risks across their entire digital footprint using autonomous AI agents.

Its product suite spans three key domains: Cyber Risk Quantification (CRQ), Third-Party Risk Management (TPRM), and CTEM. The company claims to be the first to deliver fully autonomous TPRM and CTEM, extending its leadership in the CRQ space.

The company said the fresh capital will accelerate its mission to build “CyberAGI”—a form of cybersecurity superintelligence via continued innovation in Agentic AI-native reasoning models.

Safe also launched what it called the world’s first fully autonomous Continuous Threat Exposure Management (CTEM) solution, as part of its broader Cyber Risk Singularity platform.

“This is a defining moment in our pursuit of CyberAGI,” said Modi, co-founder and CEO of Safe. “When we launched our platform in 2020, we carefully selected a market that would be the foundation of cyber risk management—Cyber Risk Quantification. Not only did we shape the category, we’ve become its undisputed leader.”

In 2023, the company brought the same approach to TPRM, and is now applying it to CTEM as the next frontier, he said.

More than 50 percent of its customers have already adopted the TPRM module, the company said.

Nishant Rao, founding partner, Avataar Ventures, said the firm saw Safe not as another detection tool but as a “strategic intelligence layer” across the cybersecurity stack.

“Most cybersecurity sub-sectors we’ve evaluated are either overcrowded or limited to tactical, widget-like solutions. But cybersecurity today is a boardroom and CEO-level priority, and that’s not changing anytime soon," Rao said.

“The company has shown consistent 120%+ year-on-year growth since its launch,” he said.

Safe claims to have achieved triple-digit revenue growth for three consecutive years and has raised more than $170 million to date. The firm counts Google, Fidelity, T-Mobile, Chevron, and IHG among its customers.