Al Yang and Adar Arnon, both Harvard Business School alumni, recognized a shared passion for cybersecurity amid an evolving business landscape. This led them to found SafeBase, a company focused on enhancing security processes, particularly in the realm of software acquisitions. Accepted into Y Combinator’s accelerator program during the pandemic, SafeBase recently secured $33 million in a Series B funding round led by Touring Capital.
Addressing Security Questionnaires Efficiently
SafeBase specializes in simplifying the often cumbersome process of completing security questionnaires, which organizations typically undertake before procuring new software. Recognizing the time-consuming nature of this task, SafeBase employs automation and AI to streamline the process. By training AI models specifically for security documentation use cases, the platform can interpret questions and provide responses, saving valuable time for security, governance, risk, compliance, and revenue teams.
Ensuring Accuracy and Reliability
Despite concerns about the reliability of AI, they emphasize the effectiveness of their approach. Combining both large and small language models, SafeBase achieves greater answer coverage, enhancing the accuracy of responses. Additionally, the company offers customizable rules-based behavior for customer access, along with insightful dashboards to track security posture.
Competition and Market Position
While SafeBase faces competition from other vendors such as Conveyor, Kintent, and Quilt, the company’s impressive clientele, including Palantir, LinkedIn, Asana, and Instacart, underscores its market position. With a growing roster of 700 companies and increasing adoption rates, SafeBase has demonstrated significant growth and customer satisfaction.
Strategic Investment and Expansion
Zoom Ventures, NEA, Y Combinator, Comcast Ventures, Cerca Partners, and notable angels like former Salesforce chief trust officer Jim Alkove participated in SafeBase’s Series B funding round. With total funding surpassing $50 million, SafeBase plans to allocate a significant portion towards expanding its team and further enhancing its offerings. Based in San Francisco, the company currently employs 55 professionals.
