Israel's Cymulate, an SaaS-based Continuous Security Validation platform leveraging the MITRE ATT&CK framework end-to-end, has completed a $45 million funding round led by One Peak, together with existing investors Susquehanna Growth Equity (SGE), Vertex Ventures Israel, Vertex Growth and Dell Technologies Capital, the company announced Wednesday.
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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%. 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.
According to Cymluate co-founder and CEO Eyal Wachsman, "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.
"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," Wachsman said.
