TrapX Security, a Silicon Valley-based startup that offers a deception-based cyber defense platform, today announced that it has raised $9 million in its Series B round, led by investors Intel Capital and Liberty Israel Venture Fund together with current investors BRM Group and Opus Capital.
According to the company, the funds will be used to accelerate growth, support product development, and enable the hiring of engineering and marketing talent.
The TrapX DeceptionGrid is a platform that sets “malware traps” that are intermingled within real IT resources and appear identical to real IT assets. “Once attackers have slipped past your other cyber defense products, they move laterally to find high value targets,” TrapX explained. If attackers “touch”one of the traps set by the DeceptionGrid, an alert is triggered, allowing security operations teams to respond accordingly.
The platform also helps detect outbound botnet activity and hidden exfiltration activity, even finding sources attempting to mask exfiltration of data through the use of encryption.
The Series B funding round follows a Series A funding of $5 million in January 2014, spearheaded by co-founders Yuval Malachi, the current CTO, and Moshe Ben-Simon, vice president of services and research.
Along with the Series B, TrapX announced the opening of a Hong Kong office and the appointment of Gregory Enriquez as chief executive officer.
Enriquez brings more than 25 years of industry experience to his new role, having previously served as VP of worldwide sales at Mandiant and vice president of sales at FireEye.
The company said that it expects headcount to grow by 40 percent within the next year to accommodate increase in customer demand.
