Safe Security, a cybersecurity startup formerly known as Lucideus, has raised $70 million in a Series C funding round led by Avataar Ventures.
The round also saw participation from Susquehanna Asia Venture Capital, NextEquity Partners, Prosperity7 Ventures, and existing investors including Eight Roads, Cisco chairman and CEO John Chambers, and Sorenson Capital, the company announced on July 31.
Saket Modi, Viditkumar Baxi, and Rahul Tyagi founded Safe Security in 2012 and incubated it at IIT-Bombay, running the company as a bootstrapped startup for its first four years.
Modi, a computer science graduate, along with his team, had earlier contributed to the security assessment of the BHIM app, developed by the National Payments Corporation of India (NPCI).
The cybersecurity startup enables organizations to quantify, prioritize, and mitigate cyber risks across their entire digital ecosystem by leveraging autonomous AI agents.
Its product portfolio focuses on three core areas: Cyber Risk Quantification (CRQ), Third-Party Risk Management (TPRM), and Continuous Threat Exposure Management (CTEM). The company claims to be the first to offer fully autonomous solutions in both TPRM and CTEM, further strengthening its leadership in the CRQ domain.
With the newly raised capital, Safe Security aims to accelerate the development of “CyberAGI”—a next-generation cybersecurity superintelligence powered by Agentic AI-native reasoning models, reinforcing its commitment to redefining cyber risk management through cutting-edge innovation.
The cybersecurity startup has also introduced what it claims is the world’s first fully autonomous Continuous Threat Exposure Management (CTEM) solution, integrated within its broader Cyber Risk Singularity platform. This launch marks a significant step in the company’s mission to deliver proactive, AI-driven cyber risk management, enabling organizations to continuously identify and address vulnerabilities across their digital infrastructure with minimal human intervention.
“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, Safe Security applied its autonomous AI-driven approach to Third-Party Risk Management (TPRM), and is now extending the same methodology to Continuous Threat Exposure Management (CTEM) as the next frontier in cyber risk mitigation, the company said.
According to the cybersecurity startup, over 50% of its customers have already adopted the TPRM module, reflecting strong market validation for its AI-native cybersecurity solutions.
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 Security claims to have recorded triple-digit revenue growth for three consecutive years and has raised over $170 million in funding to date. The cybersecurity startup’s growing customer base includes major global enterprises such as Google, Fidelity, T-Mobile, Chevron, and IHG, underscoring its strong market traction and credibility in the cybersecurity space.
