XM Cyber Closes $22 Million in Series A Funding
Cybersecurity Disruptor will Use New Investment to Fuel Continuous Growth and Innovation
HERZLIYA, Israel, Nov. 13, 2018 /PRNewswire/ — XM Cyber, multi-award winning provider of the first fully automated APT simulation and remediation platform, today announced that it has closed a $22 million Series A funding round with the participation of Macquarie Capital, Nasdaq Ventures, Our Innovation Fund, LP and UST Global, among others. The company has now raised a total of $32 million, following a previous seed round of $10 million from Swarth Group.
XM Cyber will use the funding to accelerate its strong growth through expanded sales, marketing and engineering programs. The company, a leader in the “Breach and Attack Simulation” category, has already received 16 industry awards this year on the strength of its HaXM platform, including being recognized as a “Technology Pioneer” by the World Economic Forum. XM Cyber’s customers include leading financial institutions and critical infrastructure organizations across North America, Europe, Israel and Australia.
“In this era of hyper-sophisticated cybercrime, our solution demonstrates that organizations should be asking themselves ‘Are my critical assets really secure?’ as there is a plethora of ways hackers can compromise them,” said XM Cyber CEO and Co-Founder Noam Erez. “2018 has been an incredible year for XM Cyber, and this funding round will help us expand our footprint in 2019. We are grateful to our investors for this vote of confidence and look forward to their continued strong support.”
Even when an organization has deployed and configured modern security controls, hackers can infiltrate the network in a wide variety of ways to compromise critical assets. They capitalize on human errors such as misconfigurations, shadow IT and faulty security practices, and use attack techniques and methods that circumvent cyber defenses — often by employing legitimate tools and leveraging real user behavior. HaXM continuously leverages a multitude of offensive methods to rapidly expose the most critical blind spots and uncover hidden attack vectors. It then provides data-driven remediation focused on the organization’s critical assets, thus reducing the company’s IT risk and enabling it to optimize its cyber resources. In effect, HaXM operates as an automated purple team that fluidly combines red and blue teams’ processes.
“As cyber-threats continue to evolve, we believe XM Cyber is addressing an important need, particularly for financial services and market infrastructure companies,” said Gary Offner, Head of Nasdaq Ventures. “We believe our investment in XM Cyber will help continue new developments in advancing breach simulation and detection technology and processes. This is an important, developing area of cyber security innovation and we’re pleased to be supporting its growth and expansion.”
“We are proud to be part of this round of funding, coming at a critical juncture in XM Cyber’s rapid expansion,” said UST Global Chief Cyber Officer Yuval Wollman. “This investment includes a strategic sales and integration agreement with CyberProof, UST’s managed security services subsidiary, to manage cyber risk as a measured outcome. The joint solution will appeal to many of our clients who are seeking to cost-effectively reduce their cyber risk exposure.”
About XM® Cyber
XM Cyber provides the first fully automated APT simulation platform to continuously expose attack vectors, above and below the surface, from breach point to any organizational critical asset. This continuous loop of automated red teaming is completed by ongoing and prioritized actionable remediation of security gaps. In effect, HaXM® by XM Cyber operates as an automated purple team that fluidly combines red team and blue team processes to ensure that organizations are always one step ahead of the attack.
XM Cyber was founded by the highest caliber of security executives from the elite Israeli intelligence sector. Together they bring a proven track record in both the offensive and defensive cyber security domain. The company has offices in the US, Israel and Australia.
For more information: www.xmcyber.com
Maya Schirmann, VP Marketing, XM Cyber
Mark Prindle, Fusion PR