SafeBase uses AI to automate software security reviews

Entrepreneurs Al Yang and Adar Arnon met at Harvard Business School and quickly realized they had a common interest: cybersecurity.

“We have witnessed an evolving business climate that has brought with it an unprecedented need for improved security processes,” Arnon told TechCrunch. “The importance of security has increased exponentially… [it’s] non-negotiable for technology buyers.”

Yang and Arnon decided to turn this interest into something more, so they started SafeBase, which was accepted into Y Combinator’s accelerator program during the pandemic.

SafeBase announced Tuesday that it has raised $33 million in a Series B round led by Touring Capital. The company helps customers fill out security questionnaires, which are reviews that organizations typically perform before purchasing new software. It’s a matter of governance and compliance.

Security questionnaires can be laborious, taking teams weeks to months to complete on more complex software. But Arnon argues that SafeBase can save time through automation – and AI.

SafeBase employs AI models “specifically trained on security documentation use cases” to read, interpret security information and questions, and then automatically respond to security questionnaires. “[Our platform] takes the pain out of the complicated security review process, empowering security, governance, risk, compliance and revenue teams,” he said.

Image credits: Secure Base

Being the AI ​​cynic that I am, I asked Arnon about the accuracy of these models; AI is a notorious liar, in the end. He claimed it is superior thanks to a “combination of large and small language models” that offer “greater answer coverage [and].” Take that as you will.

In addition to custom templates, SafeBase provides a mechanism that allows a company to assign “rule-based behavior” for customer access, as well as dashboards that show insights and analytics about the company’s security posture.

SafeBase isn’t the only vendor offering tools to automate security questionnaires and reviews. Rivals include Conveyorwhich recently raised $12.5 million; Kintent; It is Quiltwhich claims it can also automate due diligence reviews in addition to security reviews.

Arnon didn’t seem too worried. Maybe it’s because of SafeBase’s 700-strong client list, which includes Palantir, LinkedIn, Asana, and Instacart.

“SafeBase has seen massive growth in recent years,” said Arnon. “Customers love the product and adoption continues to accelerate. The company benefits from increased visibility across its supplier network as more and more high-volume customers launch trust centers that replace the need for dozens of thousands of manual security reviews.”

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San Francisco-based SafeBase has 55 employees.

The company’s Series B included participation from strategic investor Zoom Ventures (Zoom’s corporate venture arm), NEA, Y Combinator, Comcast Ventures and Cerca Partners, as well as angels including former Salesforce chief trust officer Jim Alkove . This brings SafeBase’s total raised to more than $50 million; Arnon says that a significant portion will be allocated to expanding the team.