XM Cyber, an Israel-based company that provides an automated APT simulation and remediation platform, on Tuesday announced that it has raised $22 million in a Series A funding round.
Macquarie Capital, Nasdaq Ventures, Our Innovation Fund, UST Global and others participated in the funding round, which brings the total raised by XM Cyber to date to $32 million.
The startup says it plans on using the newly acquired funds to accelerate growth through expanded sales, engineering and marketing programs.
XM Cyber’s main product, the HaXM automated APT simulation platform, was unveiled in March. It simulates an attacker’s possible behavior in an effort to identify potential weaknesses, and uses that data to provide recommendations for remediation.
“We don’t define the attack vectors in advance. We act like a virtual hacker,” XM Cyber VP of Product Adi Ashkenazy told SecurityWeek in March. “We start from points of likely breach – which could be internet-facing servers, for example; or endpoints that receive external email. We place our virtual hacker in those starting points with a tool box that mimics the capabilities of an advanced attacker; and from that moment on the virtual hacker mimics the steps taken by a real hacker trying to find his way to critical assets. We never know in advance what will be found, but so far the virtual hacker has always eventually managed to compromise the entire network.”
XM Cyber was founded in 2016 by a team of former members of Israeli security and intelligence services led by retired Mossad chief Tamir Pardo. The company has customers in Israel, the United States and Europe, including in the financial and critical infrastructure sectors.
“2018 has been an incredible year for XM Cyber, and this funding round will help us expand our footprint in 2019,” said XM Cyber CEO and Co-Founder Noam Erez. “We are grateful to our investors for this vote of confidence and look forward to their continued strong support.”