TrapX Security, a Silicon Valley-based company that provides cyber defense solutions powered by deception technology, on Monday announced that it raised $18 million in a Series C funding round.
The latest funding round, which brings the total raised by the firm to $37 million, was led by Ibex Investors, with participation from existing investors BRM, Opus Capital, Intel Capital, Liberty Technology Venture Capital, and Strategic Cyber Ventures.
TrapX plans on using the money to expand its global footprint to more countries and industry verticals, and accelerate its ability to meet demand for its solutions.
“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 Moshe Ben-Simon, CEO of TrapX.
TrapX’s solutions are designed to quickly detect sophisticated cyberattacks and threat actors’ activities, including malicious insiders, and defeat them. TrapX DeceptionGrid deploys hundreds or even thousands of traps and lures that mimic the customer’s environment, making it difficult for attackers to tell which asset is real and which is fake. The traps can also be set up to mimic IoT and OT devices.
TrapX claims its solutions are used by Fortune 500 organizations in sectors such as defense, energy, healthcare, finance, and consumer products.