Cybersecurity firm Bishop Fox secures $75M in funding and Eyes Channel expansion

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Security news

Jay Fitzgerald

The cybersecurity company hopes to hire a first-ever line manager by the end of this year, CEO Vinnie Liu said.




Vinnie Liu, co-founder and CEO of Bishop Fox

Bishop Fox Inc. has raised an additional $75 million in funding as the offensive security company prepares for major global expansion through the channel in the coming years.

The Series B funding was led by growth-focused Carrick Capital Partner and brings its total raised to $100 million, Tempe, Arizona-based Bishop Fox. announced Thursday.

Bishop Fox, 17, whose Cosmos platform provides simulated cyberattacks to identify vulnerabilities in customers’ computer systems, has been on a roll of late, tripling its annual recurring revenue last year and increasing its bookings from the first quarter by more than 50 percent compared to the same period in 2021, the company said.

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Bishop Fox has also increased its workforce by 33%, to nearly 400 employees, since the start of the year.

Its clients include Google, Equifax, John Deer, Sonos and Zoom.

Although much of the new funding will go towards improving the company’s core technology platform, Vinnie Liu, co-founder and CEO of Bishop Fox, said the company is also in recovery mode. growth and had to develop.

Currently, the company mainly sells directly to some of the largest companies in the world, such as 25% of Fortune 100 companies. Bishop Fox.

But now Bishop Fox wants to expand that customer base to include Fortune 500 and Global 2000 companies — and it needs to be done through the channel, Liu said.

Specifically, Liu said he wants to build strong relationships with global management consulting firms and other retail players. “It’s a relatively new area for us,” he says.

Bishop Fox hopes to hire a first-ever line manager by the end of this year and build a team of three to 10 staff, he said.

If all goes well, Liu said he would like the channel to account for between a third and a half of the company’s total revenue. The company has not released its annual revenue.

Liu said Bishop Fox’s longer-term goal was to go public. “It’s definitely something we’re looking at,” he told CRN.

Bishop Fox’s latest funding comes as some later-stage cybersecurity companies, such as Lacework and Cybereason, have cut staff and spending to conserve cash, amid deteriorating market conditions and drying up. of the IPO market.

Liu said Bishop Fox was not in the same category as these companies, noting that his company was still in the early stages of funding and growth.

He noted that Bishop Fox is currently “not profitable on purpose”, instead preferring to continue improving its Cosmos platform and growing its global customer base.

“We are certainly not in danger of running out of money,” he said.

In addition to its technological products, the The company also offers cybersecurity education and training — and it hopes to build on what is expected to be a growing effort to better educate and train federal, state and local officials on how to deal with cybersecurity threats, a the company said in its press release.

As part of the Series B funding transaction, Chris Wenner, Managing Director of Carrick, will join Bishop Fox’s Board of Directors, alongside current Board Member Will Lin, Managing Director of Forgepoint Capital, the series A lead investor.

“Bishop Fox has one of the best customer reputations we have ever encountered, as well as the highest quality technology solutions and services in the cybersecurity industry,” Wenner said in a statement.

“The combination of their world-class security operators, unique process, and Cosmos technology platform has enabled them to continuously improve the security posture of large-scale, complex global enterprises.”


    Learn more about Jay Fitzgerald

Jay Fitzgerald

Jay Fitzgerald is Cybersecurity Editor for CRN. Jay previously freelanced for the Boston Globe, Boston Business Journal, Boston Magazine, Banker & Tradesman, MassterList.com, Harvard Business School’s Working Knowledge, National Bureau of Economic Research and other entities. He can be contacted at jfitzgerald@thechannelcompany.com.


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