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RiskIQ adds National Grid Partners as securing data becomes a strategic priority for utilities

RiskIQ, a startup providing application security, risk assessment and vulnerability management services, has added National Grid Partners as a strategic investor. 

The funding from the investment arm of National Grid, a multinational energy provider, is part of a $15 million new round of financing designed to take the company’s technology into critical industrial infrastructure — with National Grid as a point of entry.

More than 6,000 companies use the company’s services, and the roster list and technology on offer has attracted some of the biggest names in investing, including Summit Partners, Battery Ventures, Georgian Partners and MassMutual Ventures.

“We view NGP’s show of support as an incredible opportunity to help customers in new markets thrive as their attack surfaces expand outside the firewall, especially now amid the COVID-19 pandemic,” RiskIQ chief executive Lou Manousos said in a statement. 

RiskIQ has spent the past 10 years spidering the internet looking for all of the exploits that hackers use to penetrate networks and have built that into a database of threats. This inventory gives the company an ability to identify which assets within a company present the most obvious threats. Its automated services constantly scan third-party code, internet-connected devices and mobile applications for potential vulnerabilities, the company said.

As a staple platform in their core security environment, our cyber threat analysts use RiskIQ regularly to enrich and identify incoming threats,” said Lisa Lambert, president of National Grid Partners and chief technology and innovation officer of National Grid, in a statement.

National Grid’s investment is a piece of a deeper partnership that will see NGP providing strategic advice for the security company as it looks to expand its commercial operations among industrial and utility customers.

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Why VCs are dumping money into insurance marketplaces

Following our look at why so many startups are building OKR-focused software and why venture capitalists are pouring capital into their efforts, today we’re asking a similar question about insurance marketplace startups.

This month, Insurify raised a $23 million Series A that TechCrunch covered here. And even more recently, Gabi, a competitor, raised $27 million. The two rounds added up to $50 million for the insurance marketplace startup space in less than two weeks.

But there was more to come. Late in the wek, Policygenius, another participant in the space, added $100 million to its accounts. With that round, the total venture tally for insurance marketplace startups rose to $150 million for the month of January.

What the hell is going on, and why has so much been invested in the space recently? Let’s try to answer those questions by looking at who competes in the space, how much they have raised individually, and then unpack what has attracted all the fresh capital. Hint: As always, it’s about market size and economics.

Competition

Source: TechCrunch