NEW YORK and TEL AVIV, Israel, Sept. 6, 2022 /PRNewswire — Cymulate, the market leader in Extended Security Posture Management (XSPM), today announced a $70 million Series D investment led by existing investors One Peak, together with Susquehanna Growth Equity (SGE), Vertex Ventures Israel, Vertex Growth, and Dell Technologies Capital. Cymulate has raised $141M to date.
The latest investment, which is among the largest for continuous security testing vendors, doubles Cymulate's funding raised to date and accelerates the Company's global expansion and pace of innovation.
In a recent report on Continuous Threat Exposure Management (CTEM) GartnerⓇ analysts observed, "Previous approaches to managing the attack surface are no longer keeping up with digital velocity — in an age where organizations can't fix everything, nor can they be completely sure what vulnerability remediation can be safely postponed. CTEM is a pragmatic and effective systemic approach to continuously refine priorities, walking the tightrope between those two impossible extremes."* The global shortage of 2.72 million cybersecurity professionals, and overstretched in-house security resources further exacerbates the need for Cymulate's real-world solutions which closes security gaps quickly and efficiently, rationalizes technology, helps upskill staff and improves processes.
"We are thrilled to lead this round of investment in Cymulate," said David Klein, Managing Partner of One Peak. "Cyber posture management and continuous security validation have dramatically increased in popularity in response to the onslaught of ransomware and cyber warfare for businesses across all size ranges. Cymulate is the clear leader in the sector, and we look forward to continuing to support the Company in further accelerating its already strong growth trajectory."
Cymulate sets the industry standard for organizations to use automation to continuously validate their threat exposure and cyber posture, by testing their cloud and on-premise networks against the latest threats in the wild. The Company's Extended Security Posture Management platform leverages its native offensive security technology and capabilities to widely support customers' security and business needs. XSPM incorporates four fundamental pillars tied together with analytics to provide actionable security posture insights: Attack Surface Management, Continuous Automated Red Teaming, Breach & Attack Simulation, and Advanced Purple Teaming. Cymulate's customers see their cyber risk reduced by nearly 50% during the first three months of use. Running daily risk assessments, the cyber risk of Cymulate's customers continues to decrease in the first year without any security drift.
The Series D funding will be used to extend Cymulate's technological capabilities and further accelerate its global growth. The Company more than doubled its ARR in 2021 and grew more than 200% in North America alone. Cymulate has more than 500 customers globally, including Fortune 500 companies and strategic partners such as Optiv and Wipro. By the end of this year, Cymulate plans to further expand its staff by 75% to continue supporting its go-to-market efforts.
"In a market where every business must be prepared to fight advanced threats, I am proud of our team's ability to innovate and respond quickly to the constant turbulence of cybersecurity," said Eyal Wachsman, CEO and Co-Founder of Cymulate. "Our funding from existing investors is a further testament to their confidence in our company, direction, and continued vision. We look forward to reaching our next innovation milestones and expanding into new markets across the globe."
Alongside their Series D funding, Cymulate also recently announced two C-level executive appointments to bolster the company's leadership, namely the appointment of Maria Mastakas as Chief Operating Officer and Carolyn Crandall as Chief Marketing Officer and Chief Security Advocate of Cymulate.
*Gartner, Implement a Continuous Threat Exposure Management (CTEM) Program, July 2022.
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Cymulate's SaaS-based Extended Security Posture Management (XSPM) provides security professionals with the ability to continuously challenge, validate and optimize their on-premises and cloud cyber-security posture with visualization end-to-end across the MITRE ATT&CK® framework. The platform provides automated, expert and threat intelligence led risk assessments that are simple to deploy and use for organizations of all cybersecurity maturity levels. It also provides an open framework to create and automate red and purple teaming by generating penetration scenarios and advanced attack campaigns tailored to their unique environments and security policies.
For more information, visit www.cymulate.com.
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About One Peak
One Peak is a leading growth equity firm investing in technology companies in the scale-up phase. One Peak provides growth capital, operating expertise and access to its extensive network to exceptional entrepreneurs, with a view to help transform innovative and rapidly growing businesses into lasting, category-defining leaders. In addition to Cymulate, One Peak's investments include Neo4j, DocPlanner, Spryker Systems, PandaDoc, Keepit, Paysend, Ardoq, Quentic, HighQ, Coople, DataGuard, Brightflag and many more.
To learn more, visit www.onepeak.tech.