At a Glance
Rishon Lezion-based Cymulate has raised $45 million in Series-C funding led by London-based One Peak Partners to ramp up operations. With an undisclosed valuation, their total finance raised now stands at $71 million. The funding comes at a time when cybercrime continues to wreak havoc and is predicted to cause damage worth $6trillion annually by 2021.
Having doubled its revenues last year, Cymulate shall now look to invest more in its platform using the capital received. Existing investors Susquehanna Growth Equity (SGE), Vertex Ventures Israel, Vertex Growth, and Dell Technologies Capital had also participated in the funding.
Founded in 2016, Cymulate (pronounced as sigh-mulate) allows organizations and their partners to run machine-attack simulations on their networks to track and expose vulnerabilities. Then they are provided with adequate guidance on fixing the vulnerabilities. Eyal Wachsman, Co-founder, and CEO, Cymulate, states that Cymulate, in addition to improving organizational security, also provides an automated, machine-learning-based system to make the most out of security investments already made.
We do not replace. We bring back the power of the expert by validating security controls and checking whether everything is working correctly to optimize a company’s security posture. “Most of the time, we find our customers are using only 20% of the capabilities that they haveEyal Wachsman
According to Wachsman, as quoted by TechCrunch, Cymulate thus works as a “black box” on the network, integrating security and other software, post which a map of the threat profile is sent to organizations for a complete technical rundown along with recommendations for mitigating such cavities.
On the funds raised, Wachsman took the announcement to LinkedIn to thank the investors and his team.
This is extremely exciting, and I’m confident that this is just the tipping point of great things to come at Cymulate.Eyal Wachsman
Commenting on the investment, David Klein, Managing Partner at One Peak Ventures, stressed the increasing importance of security testing in a context of ever-changing IT infrastructure and evolving threats.
Companies understand that implementing security solutions is not enough to guarantee protection against cyber threats and need to regain control. We expect Cymulate to grow very fastDavid Klein