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§ Private Profile · Denver, CO, USA
Third-party cyber risk management platform helping enterprises identify, assess, mitigate, and monitor vendor cyber risks.
Based in Denver, Colorado, CyberGRX provides a subscription-based SaaS platform that enables large enterprises to identify, assess, monitor, and mitigate third-party cyber risks across their complex vendor ecosystems. The company operates a centralized one-to-many exchange model that allows organizations to efficiently evaluate the security postures of their external suppliers rather than conducting redundant individual security assessments. Operating with a workforce of approximately 125 employees, the firm currently serves a growing client base of more than 100 enterprise customers across various global industries. Its standardized risk management and compliance solutions are utilized by major corporate entities, including recognizable organizations like Blackstone, ADP, and Aetna. The enterprise has successfully raised over $100 million in total venture funding from prominent institutional backers such as ICONIQ Capital and Bessemer Venture Partners. CyberGRX was officially founded in 2015 by Fred Kneip.
CyberGRX has raised $99.0M across 4 funding rounds.
CyberGRX has raised $99.0M in total across 4 funding rounds.
CyberGRX has raised $99.0M in total across 4 funding rounds.
CyberGRX's investors include Doug Pepper, AllegisCyber Capital, Ballistic Ventures, Dell Technologies Capital, Forgepoint Capital, Kleiner Perkins, Paladin Capital Group, Razor's Edge Ventures, Scale Venture Partners, Ten Eleven Ventures, Deepak Jeevan Kumar, Bessemer Venture Partners.
# CyberGRX: High-Level Overview
CyberGRX is a third-party cyber risk management platform that helps enterprises assess, manage, and share cybersecurity risk data across their vendor ecosystems.[2] Founded in 2015 and headquartered in Denver, the company operates the world's first and largest global risk exchange, enabling organizations to standardize vendor security assessments and reduce compliance overhead.[3] The platform serves over 1,000 organizations globally and was acquired by Mastercard in 2023, signaling the strategic importance of third-party risk management in enterprise security infrastructure.[4]
The company addresses a critical pain point: as supply chain attacks and vendor breaches have proliferated, traditional approaches to vendor risk assessment—fragmented, manual, and repetitive—have become untenable. CyberGRX solves this by creating a centralized exchange where vendors complete a single assessment and share it with multiple partners, while enterprises gain access to cybersecurity risk data on nearly any company worldwide.[3] This data-driven approach combines analytics, automation, real-world attack scenarios, and real-time threat intelligence to help organizations prioritize risks across their entire vendor ecosystem.
# Origin Story
CyberGRX emerged in 2015 during a period of accelerating supply chain complexity and rising cybersecurity threats. The company was built on the premise that third-party cyber risk management needed modernization—moving from ad-hoc questionnaires and manual reviews to a standardized, data-driven platform.[3] The founding team recognized that enterprises were drowning in redundant vendor assessments while vendors faced assessment fatigue, creating inefficiency on both sides of the relationship.
The company achieved remarkable early traction. By 2022, CyberGRX had grown to rank 220 on Deloitte's Technology Fast 500 list and 938 on Inc.'s 500 list, with 196% growth in new customer recurring revenue and over 40% of revenue deriving from multi-year contracts.[3] This growth trajectory—combined with recognition as the 2022 North America Market Leader in cyber risk management by Frost & Sullivan—demonstrated strong product-market fit and enterprise demand.[3]
# Core Differentiators
# Role in the Broader Tech Landscape
CyberGRX sits at the intersection of two powerful trends: the explosion of third-party risk as a critical business concern and the shift toward data-driven, automated security operations. Supply chain attacks—from SolarWinds to Log4j to countless vendor breaches—have made third-party risk management a board-level priority for enterprises. Traditional vendor assessment approaches, built on manual questionnaires and spreadsheets, cannot scale to meet this demand.
The company's acquisition by Mastercard in 2023 reflects how critical third-party risk has become to financial services and regulated industries broadly.[4] For Mastercard, integrating CyberGRX's capabilities strengthens its ability to manage risk across its own ecosystem while potentially offering risk intelligence as a service to its network of merchants and partners.
CyberGRX also influences how the broader cybersecurity industry thinks about vendor risk. By establishing the exchange model as a standard—where vendors proactively share assessments rather than passively responding to questionnaires—the company has shifted industry norms toward transparency and efficiency. Competitors like Whistic, UpGuard, and BitSight have emerged in response, validating the market opportunity while CyberGRX maintains leadership through scale and data advantage.[1]
# Quick Take & Future Outlook
CyberGRX has successfully transformed third-party risk management from a compliance checkbox into a strategic, data-driven discipline. Under Mastercard's ownership, the company is positioned to deepen integration with financial services and expand its risk intelligence capabilities. The future likely involves several developments: further expansion of the exchange's coverage and data richness, deeper AI-driven predictive analytics to forecast vendor risk before breaches occur, and potential expansion into adjacent areas like fourth-party risk (risks posed by vendors' vendors) and supply chain resilience.
The timing remains favorable. As regulatory frameworks like SEC rules on vendor risk disclosure tighten, and as enterprises face mounting pressure to demonstrate supply chain security, demand for CyberGRX's platform should continue accelerating. The company's influence will likely extend beyond its direct customer base as its risk ratings become industry benchmarks—similar to how credit scores shape financial markets, CyberGRX's assessments may increasingly shape vendor relationships and pricing across industries.
CyberGRX has raised $99.0M across 4 funding rounds. Most recently, it raised $40.0M Series D in December 2019.