XM Cyber, an Israel-based leader in breach and attack simulation (BAS) advanced cyber risk analytics and cloud security posture management, announced that it has closed a $17 million Series B funding round with Macquarie Capital, Nasdaq Ventures, Our Innovation Fund, and Swarth Group. Till now, the company raised a total of $49 million.
XM Cyber will use the capital infusion to grow its research and development department while expanding its sales and marketing presence worldwide. The company is also expanding its capabilities as a result of the recent growth in demand for its ability to simulate attacks against cloud-based resources. The company currently has customers across the US, Europe and Asia with a growing presence in Latin America.
“XM Cyber’s evolution as a company has impressed us, and we believe that its solutions have become an increasing necessity for enterprises looking to improve their security posture,” said Dan Phillips, Executive Director at Macquarie Capital. “We look forward to working with the XM Cyber team as it expands globally and continues to defeat the most sophisticated cyberthreats and attacks.”
“In an era where business has dramatically shifted to remote work due to the Covid-19 crisis, millions of endpoints are being introduced to corporate networks, significantly expanding the attack surface for cyber criminals and making XM Cyber more essential than ever,” said XM Cyber CEO and co-founder Noam Erez. “The ability to secure significant funding during a global pandemic is a testament to our product and team. We are grateful to our investors for this vote of confidence and look forward to their continued support.”
The company has received several industry awards recognizing the innovation and effectiveness of its solutions, including being recognized as a Gartner “2020 Cool Vendor,” a World Economic Forum “Technology Pioneer,” and a SINET16 winner. XM Cyber’s customers include leading financial institutions and critical infrastructure organizations across North America, Europe, Israel and Australia.
In response to the Covid-19 crisis, XM Cyber now offers an extended trial use of its products for large enterprises reacting to sudden changes in their network infrastructure. XM Cyber can be deployed remotely, executed remotely, and identify gaps in security almost immediately, making it essential in stopping hackers that take advantage of new network configurations.
“XM Cyber intends to change the way cyber security is viewed and managed as a result of a continuous cycle of measuring, prioritizing and improving overall cyber security posture,” said Erez. “We help customers take a different view of their cyber security. We show them how a hacker can combine attacks, waiting for mistakes to happen that open up attack paths to their critical assets.”
XM Cyber brings innovation to the security industry with patented products that address the unique gaps that arise in large, complex networks. XM Cyber was founded by top executives from the Israeli cyber intelligence community and has offices in the US, UK, and Israel.
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