SafeBase, a company dedicated to enhancing the security review process between buyers and sellers, has gained attention for its innovative Trust Center Platform. Founded by Al Yang and Adar Arnon, SafeBase emerged as a solution to the challenges many organisations face when communicating their security credentials, particularly in light of increasing regulatory scrutiny and customer expectations.
Al Yang, co-founder and CEO of SafeBase, shared insights into his journey prior to the establishment of the company. He noted, “My entrepreneurial journey began with two successful ventures prior to SafeBase, both culminating in acquisitions. I also have a background in Tech M&A investment banking on Wall Street, which gave me a unique perspective on the opportunities within the security landscape.” The idea for SafeBase originated from Yang’s experiences in his previous venture, where he encountered significant challenges in demonstrating security posture to clients in the healthcare sector.
During a conversation with Pulse 2.0, Yang explained how SafeBase's Trust Center Platform is designed to automate the security review process while simplifying communication regarding security and trust posture. He elaborated, “Our flagship Trust Center and AI-powered Questionnaire Assistance products empower security, GRC, and revenue teams to significantly reduce the need for time-consuming security questionnaires.” This approach addresses the persistent issue of lengthy and cumbersome security reviews that can hinder business transactions.
SafeBase’s core offerings centre around its Trust Center, which serves as a central hub for businesses to manage and showcase their security documentation. By doing this, it streamlines the review process, making it easier for both buyers and sellers to navigate security requirements. Yang highlighted the platform’s adaptability, stating that it aims “to meet both buyers and vendors where they are, making their jobs easier and lives simpler."
The company has recently seen notable growth, serving over 800 customers with a high retention rate of 98%. Yang cited significant milestones including a Series A funding round of $18 million in March 2022, and more recently, a Series B funding round that raised $33 million in Spring 2024. This influx of capital, Yang explained, has prompted further enhancements to SafeBase's offerings, including new integrations with platforms like Salesforce, Slack, and Teams, as well as the introduction of a Google Chrome extension.
Customer success stories, such as that of Jamf, a provider of Apple mobile device management solutions, illustrate SafeBase's impact on businesses. Jamf faced difficulties responding to increasing customer demands for security documentation, leading to bottlenecks in their sales process. By implementing SafeBase’s solution, the company reportedly saved over 4,000 hours of work and significantly improved operational efficiency, contributing to increased revenue.
Looking to the future, Yang expressed aspirations for SafeBase to redefine how companies present their security qualifications similarly to how professionals maintain LinkedIn profiles. He stated that the aim is for every company to have a Trust Center to showcase their security stance, ultimately enhancing transparency within the industry. Furthermore, he emphasized the rising challenge of software supply chain hacks, noting that “91% of companies reported some kind of software supply chain incident in the last year.” He indicated that SafeBase is focused on addressing the complexities of vendor trust and security qualifications.
As SafeBase continues to advance in a rapidly evolving landscape, its emphasis on trust and transparency positions it as a key player in creating a more efficient and reliable security review process for businesses.
Source: Noah Wire Services