TrapX Security, a developer of leading cyber deception technology, announced this week to have completed an $18 million Series C financing round led by Ibex Investors. Existing TrapX Security investors such as BRM, Opus Capital, Intel Capital, Liberty Israel Venture Fund, and Strategic Cyber Ventures also participated in the round to help expand the company’s global footprint to improve its ability to meet the growing demand for its cybersecurity products. The company has now raised $47.7 million since its founding in 2010 by Moshe Ben-Simon and Yuval Malachi.
“This round of funding will help propel TrapX as we embark on our growth stage of the company. Global expansion and continued R&D innovation will be the catalyst for highly regulated industries and those plagued with legacy infrastructure are increasingly turning to TrapX to detect and deceive today’s cybercriminals,” said Ben-Simon, now CEO of TrapX Security, in a press release.
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President of Ibex Investors, Brian Abrams, who will join TrapX’s board of directors, said in a statement, “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 [Supervisory Control and Data Acquisition].”
TrapX’s flagship product, DeceptionGrid, is part of a new generation of “deception technology” that prevents and detects oncoming breaches by baiting “the attacker with enticing passwords, files and scripts to keep them away from real assets and lure them to ‘Traps,’” the company says. Last month, TrapX enhanced the DeceptionGrid platform to now allow customers to launch a virtual army of artificial users to destroy cyber attackers. TrapX also introduced the world’s first cyber-deception user community last year, coined DeceptionNet, which increases cybersecurity effectiveness through collaboration.
TrapX Security says it has an international customer base including Forbes Fortune 500 commercial and government customers in sectors such as defense, healthcare, finance, energy, and consumer products.
Though headquartered in San Mateo, California, the company’s development center is in Tel Aviv.