XM Cyber, a breach and attack simulation platform, has closed its Series B round on $17m, as it looks to grow its global sales and marketing efforts.
The capital was supplied by Macquarie Capital, Nasdaq Ventures, Our Innovation Fund, and Swarth Group.
With the close of the round, the company has secured a total of $49m in equity.
Capital from the round will be used to support the research and development of the platform, as well as helping XM Cyber to increase it global sales and marketing. The cybersecurity company will also looking to expand the breadth of its capabilities to meet demands,
XM Cyber is used across the US, Europe, Asia and Latin America including major financial institutions, government, manufacturing, telecommunications and critical infrastructure.
The company empowers businesses to automatically and continuously test their security posture through 24/7 attack simulations. The system can expose security issues once they arise, human errors and misconfigurations.
Recommendations are given to users and are prioritised based on their importance.
Late last year, the company released a tool which can simulate attacks on Amazon Web Services.
XM Cyber CEO and co-founder Noam Erez said, “In an era where business has dramatically shifted to remote work due to the Covid-19 crisis, millions of endpoints are being introduced to corporate networks, significantly expanding the attack surface for cyber criminals and making XM Cyber more essential than ever.
“The ability to secure significant funding during a global pandemic is a testament to our product and team. We are grateful to our investors for this vote of confidence and look forward to their continued support.”
In response to the coronavirus, the cybersecurity company offers an extended trial use of its products.
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