Cymulate Raises $45M in Series C Funding for Continuous Security Testing Led by One Peak
New capital will support Cymulate's aggressive expansion to meet rising demand for on-demand security posture testing following the Solarwinds and Microsoft Exchange attacks
NEW YORK and RISHON LETZION, Israel, May 5, 2021 /PRNewswire/ -- Cymulate, the industry standard SaaS based Continuous Security Validation platform leveraging the MITRE ATT&CK® framework end-to-end, announced today a Series C funding round of $45M, led by One Peak, together with existing investors Susquehanna Growth Equity (SGE), Vertex Ventures Israel, Vertex Growth and Dell Technologies Capital. Cymulate has raised $71M to date, including a seed investment from Eyal Gruner.
The funding will be used to further accelerate Cymulate's impressive growth as the company closed 2020 with double the revenue year-over-year and grew its staff by over 150%. Cymulate serves hundreds of customers including leading enterprises and F500 companies and most recently announced a partnership with global telecom giant NTT.
"The increasing pace of global cyber security 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," said David Klein, Managing Partner at One Peak. "We love Cymulate's effective, easy-to-use security testing platform as it empowers companies to assess attack vectors and security controls and closes any security gaps. We are excited to back Eyal, Avihai and the entire Cymulate team in their next leg of explosive growth." Watch this video for more.
Cymulate has developed a comprehensive platform, which is the industry standard for organizations to validate their cyber posture continuously and on-demand, by testing their cloud and on premise networks against the latest threats in the wild. Their recent survey of over 700 security professionals revealed that 70% believe their existing testing methodologies are somewhat or not at all effective, and only 7% feel that they have strong cyber defenses in place. The survey also highlighted 56% of respondents have concrete plans to implemen a solution such as Cymulate, particularly in 2022. The full survey can be accessed here.
"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," said Eyal Wachsman, CEO and co-founder of Cymulate. "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."
Cymulate's SaaS-based Continuous Security Validation platform plays a critical role in empowering organizations to automatically assess and improve their overall security posture. Simulations of the latest threats in the wild test an organization's security defenses and controls, across the entire kill chain of attack vectors and APT attack configurations, individually and interconnected. Simulations can run on-demand or be scheduled to run at regular intervals, with either an out-of-the-box option or customized by more advanced security professionals. Within minutes, the platform provides specific, actionable insights and data on where a company's network is vulnerable, highlighting security gaps and mitigation procedures to optimize the security posture.
In just four years, Cymulate has successfully launched its technology across the US, EMEA, APAC and LATAM, having acquired commercial and enterprise customers across all verticals, particularly in the financial services and healthcare sectors. Cymulate continues to develop its technology and remain at the forefront of Continuous Security Validation, #1 leader in innovation according to the Frost Radar, most recently launching the Purple Team simulation, enabling their customers to create, store, modify and execute both simple and sophisticated assessments using custom built or out-of-the-box templates.
The company has been lauded by the industry in recent months including:
Cymulate Continuous Security Validation enables companies to challenge, assess and optimize their cyber-security posture against the evolving threat landscape, simply and continuously. The platform provides out-of-the-box, expert and threat intelligence led RISK assessments that are simple to use for all skill levels, and constantly updated. It also provides an open framework for ethical hackers to create and automate red and purple team exercises and security assurance programs tailored to their unique environment and security policies. Cymulate helps security professionals to know and control their dynamic environment.
About One Peak
One Peak is a growth equity firm investing in technology companies in the scale-up phase. The firm provides growth capital to exceptional entrepreneurs with a view to transform innovative and rapidly growing businesses into lasting, category-defining leaders. In addition to Cymulate, One Peak's investments include HighQ, Neo4j, DocPlanner, Spryker Systems, Pandadoc, Keepit, Concentra Analytics, Quentic, Coople, DataGuard, and Brightflag. To learn more, visit http://www.onepeakpartners.com.
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