Security Posture Testing Company Cymulate Closes $70 Million

By Annie Baker ● Sep 14, 2022
  • Cymulate announced it has raised $70 million in Series D funding. These are the details.

Cymulate announced it has raised $70 million in Series D funding. 

Funding round: Series D

Amount: $70 million

Investors: Led by existing investors One Peak, together with Susquehanna Growth Equity (SGE), Vertex Ventures Israel, Vertex Growth and Dell Technologies Capital

Amount raised to date: $141 million

What Cymulate does: Cymulate is a market leader in Extended Security Posture Management (XSPM). And 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 utilizes its native offensive security technology and capabilities to widely support customers’ security and business needs. 

XSPM: 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.

What the funding will be used for: Extending Cymulate’s technological capabilities and further accelerating its global growth. The company more than doubled its ARR in 2021 and grew more than 200% in North America alone. And 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.

KEY QUOTES:

“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. 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.”

— Eyal Wachsman, CEO and Co-Founder of Cymulate

“We are thrilled to lead this round of investment in Cymulate. 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.”

— David Klein, Managing Partner of One Peak