Entrepreneurial duo Al Yang and Adar Arnon crossed paths at Harvard Business School, where they discovered a shared passion for cybersecurity.
Arnon shared with TechCrunch, “The shifting dynamics of the business world have ushered in a critical demand for enhanced security measures. The significance of security has soared—it’s an absolute must for those purchasing technology.”
Motivated by this shared interest, Yang and Arnon launched SafeBase, a venture that gained entry into the Y Combinator accelerator amidst the pandemic.
On a recent Tuesday, SafeBase revealed a successful $33 million Series B funding round spearheaded by Touring Capital. The firm assists clients in completing security questionnaires, which are standard preliminary reviews conducted by organizations prior to acquiring new software, as part of governance and compliance protocols.
Completing security questionnaires is often a laborious task, requiring weeks or even months for teams to address the intricacies of sophisticated software. However, Arnon argues that SafeBase can expedite this process through the use of automation and AI technology.
SafeBase harnesses AI systems that are finely tuned for security documentation scenarios, enabling them to comprehend and process security data and inquiries, thereby autonomously filling out security questionnaires. Arnon asserts, “Our solution alleviates the burden of the arduous security assessment procedure, facilitating the work of teams in security, governance, risk and compliance, as well as sales.”
In my skeptical view of AI, I questioned Arnon on the precision of these models, given AI’s reputation for inaccuracy. He asserted their excellence, attributing it to a combination of extensive and compact language models that provide “broader response scope.” Interpret that as you may.
Apart from these tailored models, SafeBase offers a mechanism that enables a business to implement “rule-driven actions” for client access, along with dashboards that furnish insights and analytics regarding the firm’s security stance.
SafeBase is not alone in the market for tools that automate security questionnaires and assessments. Competitors include Conveyor, which has recently secured $12.5 million in funding; Kintent; and Quilt, which also boasts capabilities to automate due diligence evaluations alongside security assessments.
Arnon appeared unfazed, possibly due to SafeBase’s impressive client list of 700 companies, featuring names like Palantir, LinkedIn, Asana, and Instacart.
Arnon expressed to TechCrunch, “SafeBase has experienced remarkable growth recently. The product has won over customers, and its adoption is on a rapid upswing. The company is gaining more exposure through its expanding vendor network, as an increasing number of major clients establish trust centers, thereby reducing the reliance on numerous manual security checks.”
Situated in San Francisco, SafeBase employs a team of 55.
The Series B funding round of the company saw contributions from strategic investor Zoom Ventures (the corporate venture division of Zoom), NEA, Y Combinator, Comcast Ventures, and Cerca Partners, along with angel investors like Jim Alkove, the former chief trust officer at Salesforce. This funding round has elevated SafeBase’s total capital to beyond $50 million. Arnon plans to allocate a substantial part of this investment to grow the team.