Israeli cybersecurity company Cymulate, which combats cyber threat through simulated attacks and security tests, raised $45m in Series C funding led by One Peak Partners.
The funding round also had existing investors Susquehanna Growth Equity, Vertex Ventures Israel, Vertex Growth and Dell Technologies Capital taking part. With the latest round, Cymulate has now raised $71m to date.
Cymulate will use the money to accelerate revenue growth this year continued from last year after it doubled revenue year-over-year and expanded its workforce by over 150%. Furthermore, the company plans to invest the new funding in its local R&D department and significantly increase its employee count.
Founded by Eyal Wachsman and Avihai Bar Yosef, Cymulate’s cloud-based security validation platform analyses an organisation’s cyber posture by testing their cloud and on-premise networks against the latest threats by running thousands of attack simulations. In addition, it shows key points of exposure and provides remediation guidance by assessing the security of various systems, such as email, Windows Domain Network configurations, web servers and web traffic.
Within minutes, the platform can provide specific, actionable insights and data on where a company’s network is vulnerable, highlighting security gaps and mitigation procedures to optimise the security posture.
Alongside improving an organisation’s security, the firm aims to integrate its automated, machine learning-based system in a business to help them better understand how to get the most out of the security investments.
Commenting on the funding Wachsman said, “Cymulate saw a 50% increase in the number of unique attacks in the wild in 2020 and as APT groups are becoming increasingly aggressive and disruptive, there is a real need for companies to run daily or weekly assessments of their security posture. A loss of customer trust due to the fallout of a major attack is extremely hard to regain.
“This Series C funding is yet another vote of confidence in Cymulate and will enable us to expand our reach across the globe at a faster pace and continue our vision to be the largest and most comprehensive consultant-free security validation company.”
Detailing on the importance of having a cybersecurity system in place, One Peak managing partner David Klein said, “The increasing pace of global cybersecurity attacks has resulted in a crisis of trust in the security posture of enterprises and a realization that security testing needs to be continuous as opposed to periodic, particularly in the context of an ever-changing IT infrastructure and rapidly evolving threats. Companies understand that implementing security solutions is not enough to guarantee protection against cyber threats and need to regain control.”
Indeed, it’s easy to see why more investors are pumping in the dosh towards cybersecurity firms with Gartner estimating that circa $170bn will be spent on information security by enterprises in 2022.
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