Cybersecurity startup Cymulate bags $75M to help enterprises control and optimize their security posture
Cymulate, a breach and attack simulation platform that helps enterprises verify their security posture, has secured a $70 million Series D investment led by existing investors One Peak, with participation from Susquehanna Growth Equity (SGE), Vertex Ventures Israel, Vertex Growth, and Dell Technologies Capital.
The round, which brings Cymulate’s total funding to $141M, will be used to extend its technological capabilities and further accelerate its global growth. In 2021, the Company more than doubled its ARR and grew more than 200% in North America alone.
In conjunction with the funding, Cymulate also 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.
We covered Cymulate back in 2019 after the Rishon Lezion, Israel-based startup raised $15 million in Series B funding to accelerate further growth in the US, expanding sales, marketing, and operational support to broaden the customer base.
Founded in 2016 by Avihai Ben-Yossef, Eyal Gruner, and Eyal Wachsman, Cymulate helps organizations to verify their security posture and controls through a breach and attack simulation platform that empowers them with complex security solutions to safeguard their business-critical assets.
“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.”
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 exacerbate the need for Cymulate’s real-world solutions which closes security gaps quickly and efficiently, rationalize technology, help upskill staff, and improve processes.
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.”