Israeli SaaS-based continuous security validation platform Cymulate raised $45 million in a Series C funding round, the company announced on Wednesday.
The round was led by One Peak, a specialist private equity firm investing in growth stag technology. Existing investors Susquehanna Growth Equity (SGE), Vertex Ventures Israel, Vertex Growth and Dell Technologies Capital also participated in the round.
Cymulate has raised $71M to date, including a seed investment from Eyal Gruner.
The funding will be used to further accelerate Cymulate’s growth. The company closed 2020 with double the revenue year-over-year and grew its staff by over 150 percent.
Founded in 2016, Cymulate has developed a comprehensive platform for organizations to validate their cyber posture continuously and on-demand by testing their cloud and on premise networks against the latest threats. . It combines automated reconnaissance, security awareness, infrastructure resilience, and security control validation. 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 cybersecurity 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.”
“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”.