Risk-Assessment SaaS Firm Circadian Risk Raises $6M
Circadian Risk, a vertical SaaS company providing real-time risk assessment for enterprises and public sector clients, has raised $6 million in an oversubscribed Series A round. The funding signals continued investor appetite for platforms serving government, infrastructure, and other regulated industries with a focus on risk and visibility.
- The funding round was led by Arthur Ventures, a Minneapolis-based firm focused on B2B software companies outside of Silicon Valley. Other investors included new participant Roll Tack Ventures and existing backers 11 Tribes and Tamiami Angel Funds. - Circadian Risk plans to use the capital to integrate generative AI into its risk assessment platform and to expand its development and client success teams. - The company, founded in 2016, provides a SaaS platform for identifying and managing physical security risks, compliance gaps, and threat exposure. Its software is used to conduct both online and offline assessments with a score-based system to generate real-time dashboards. - One of the participating investors, 11 Tribes Ventures, operates with a "founder-first" philosophy, allocating 2% of its invested capital as a non-dilutive grant for founder support services like coaching, counseling, or therapy. - An example of Circadian Risk's impact includes a case study with SpartanNash, a publicly-traded grocery distributor, where the platform provided full visibility into security at all sites and resulted in a 20% savings on security costs. - The global physical security market was valued at over USD 120 billion in 2025 and is projected to grow, driven by factors like threats to critical infrastructure and the adoption of AI and IoT in security systems. - The lead investor, Arthur Ventures, has a portfolio that includes other security and risk management companies such as ThreatLocker and Nucleus Security. - Returning investor Tamiami Angel Funds has now backed Circadian Risk through multiple successive funds, citing the company's consistent achievement of milestones and strong execution as reasons for their continued support.
