TrapX Security, a cyber deception solution protecting businesses from online threats, has closed its funding round on $18m.
US-based venture capital firm Ibex Investors led the round, with participation also coming from existing TrapX backers including BRM, Opus Capital, Intel Capital, Liberty Technology Venture Capital, and Strategic Cyber Ventures.
This capital fusion was raised to support the cybersecurity company expand its global footprint to additional countries and verticals, as well as meet demand for its services.
Founded in 2012, the company uses deception technology to detect, deceive, and stop advanced cyber attacks and human attackers in real-time. Accurate insights into malicious activity, which are unseen by other cyber defences, are automatically given to cyber teams.
Its deception solution works by littering a network with cleverly designed traps which are identical to a client’s native environment. The decoys alter their shape and location to ensure attackers never know whether it is a trap is or real. When a decoy has been interacted with, the cyberattack is stopped.
The investment comes after a strong period of growth. Last month the company released new features to its DeceptionGrid platform which allows customers to launch a virtual army of artificial users to expose cyber attackers.
Additionally, the company established its cyber-deception user community to help cybersecurity teams work together to combat attacks, sharing strategies, new decoys, and third-party connectors.
Ibex Investors president Brian Abrams said, who will join the board of directors, said, “TrapX is positioned for a phenomenal opportunity in the cybersecurity market, given its ability to provide unparalleled visibility and to operate in environments that cannot deploy other security tools because of economic or technical reasons such as highly distributed networks, IoT networks, and SCADA.
“We are impressed with the company’s continued focus on leading the threat detection market in innovation and cutting-edge technology.”
As part of the deal, Abrams will join the TrapX board of directors.
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