Balance Theory raises $3M for its cybersecurity collaboration platform
Balance Theory Inc., a startup with a platform that companies can use to store technical data about their cybersecurity systems, has raised a $3 million seed funding round.
The company announced the funding round this morning. DataTribe was the lead investor, while the Maryland Technology Development Corporation participated as well.
“In our experience, organizations that focus on operationalizing knowledge and collaborate effectively internally, with partners, and the community, deliver more comprehensive, and resilient cybersecurity programs that can keep pace with rapid industry change,” said Balance Theory Chief Executive Officer Greg Baker.
Cybersecurity teams’ day-to-day work often requires them to consult technical data about their companies’ breach prevention systems. When troubleshooting a firewall error, for example, an administrator might review the firewall’s settings to check if the malfunction may be caused by a configuration issue. Data about a company’s cybersecurity systems is also needed for other tasks, such as ensuring compliance with regulatory requirements.
Balance Theory provides a platform that enables companies to store important cybersecurity information in a centralized repository. The platform is aimed at allowing administrators to access the technical data they require for their work more easily.
The company provides integrations with popular cybersecurity systems. Using the integrations, companies can stream information about their cybersecurity infrastructure to the platform, as well as automatically update the information when there are configuration changes. Built-in access controls make it possible to regulate who can use what data asset and how.
According to Balance Theory, cybersecurity professionals can use its platform to share multiple types of data assets with one another. In addition to information about the configuration of cybersecurity systems, the startup’s platform makes it possible to share technical explainers. A company can, for example, create a list of best practices on how new breach prevention software should be deployed.
Less technical documents are supported as well. Using Balance Theory’s platform, administrators can create reports detailing the budget allocated to each cybersecurity initiative and the software tools used to carry it out. Moreover, the startup provides features that enable multiple organizations to share cybersecurity data with one another.
“Balance Theory’s approach to driving connectivity and secure collaboration both within and between organizations has the potential to redefine the way security work gets done — dramatically impacting the entire cyber industry for the better,” said DataTribe Managing Director John Funge. “With increasing collaboration between government and private companies as well as a greater focus on cyber risk across industries and supply chains, the idea of collective defense continues to gain traction.”
Gloss