RangeForce, a cloud-based cybersecurity training service, has scored $16m in its Series A round which will help it focus on global growth.
Energy Impact Partners served as the lead investor, with contributions also coming from Trind and Cisco Investments.
With the fresh capital, the RegTech is planning to increase its go-to-market efforts, advance product development, expand its training orchestration partners and boost global growth.
RangeForce, which is headquartered in Virginia, can remotely assess, train and upskill cyber professionals. The cloud platform educates teams by defending against simulated real attacks, which gives them hands-on experience on dealing with incidents.
Energy Impact Partners managing partner Europe Nazo Moosa said, at “We’re thrilled to partner with RangeForce at a time when critical infrastructure is under attack and organizations seek to replace classroom education with cloud-based practical training.
“Worldwide, we see organizations continue to struggle with the shortage of cybersecurity professionals. While investing heavily in cybersecurity tools, they severely underinvest in the training their people need to manage the security stack and harness their skills to detect and stop a cyberattack.”
RangeForce claims it has witnessed a 2,700% year-over-year increase to annual recurring revenues since it was launched. The company is also looking to deepen its presence in the Washington D.C. area, where it already has 100 clients.
Last year, fellow cybersecurity training platform Immersive Labs bagged $40m in its Series B as it looks to grow internationally
There are more people working from home than ever before. The coronavirus has forced so many teams to get used to a remote workforce, but productivity is not their only concern, online security is also a big issue.
Since lockdown began there have been numerous stats showcasing how big of a problem cybersecurity illiterate employees are. One report from Promon claimed that 66% of UK remote workers haven’t been given any form of cybersecurity training in the past 12 months.
IBM Security has also released a new study of 2,000 of the US professionals, with 52% stating they were using their personal laptop to work remotely, often with no added security software installed. A report from cybersecurity company Tessian even claimed that 52% of people working from home believe they can be more lenient with their cybersecurity.
FinTech Global recently discussed the state of cybersecurity in the remote workforce. CyberCube head of cybersecurity strategy Darren Thomson said, “One of the most important things that a business should be doing, through good governance, to help minimise cyber risk as it pertains to home working starts with their people. Often referred to as the “weakest link” in cyber security whereas, in reality and when well-educated and engaged, staff can form a strong part of cyber defence posture.”
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