Cyberattack simulation provider Cymulate raises $70M in new funding

Cyberattack simulation provider Cymulate raises $70M in new funding

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Startup Cymulate Ltd. today announced that it has raised a $70 million funding round to expand the adoption of its namesake cyberattack simulation platform.

The Series D round was led by existing investor One Peak.  Susquehanna Growth Equity, Vertex Ventures Israel, Vertex Growth and Dell Technologies Inc.’s venture capital arm participated as well. Cymulate’s total outside funding now stands at $141 million.

Cymulate, which maintains offices in New York and Tel Aviv, provides a platform that enables enterprises to launch simulated cyberattacks against their technology infrastructure. The simulations make it possible to uncover potential weak points in a company’s network. Cymulate says its technology can detect software vulnerabilities as well as other security issues, such as misconfigured firewall settings.

The simulated cyberattacks carried out by the startup’s platform are based on hacking tactics in the MITRE ATT&CK framework. MITRE ATT&CK is a database of hacking techniques that cybersecurity professionals use to inform their breach detection efforts.

According to Cymulate, its platform can simulate multiple types of hacking campaigns.

The  startup’s platform can, for example, check whether a company consistently blocks hacking campaigns that target employee devices with malware. Similarly, Cymulate is capable of measuring how well a company responds to lateral movement attempts. Lateral movement is the term for situations where hackers use a compromised application in a corporate network to access other systems.

Cymulate’s platform summarizes the results of cyberattack simulations in a centralized dashboard. According to the startup, the dashboard provides technical data about vulnerabilities that organizations can use to identify ways of improving their cybersecurity efforts.

Companies historically carried out cyberattack simulations only occasionally because the process involves a significant amount of time and effort. According to Cymulate, its platform includes automation features that make it practical to carry out cyberattack simulations daily. Checking the corporate network for vulnerabilities more frequently enables companies to detect security issues sooner.

Some large enterprises have teams focused specifically on carrying out cyberattack simulations. Such teams can use Cymulate’s platform to increase the effectiveness of their existing vulnerability detection initiatives, the company says. Its platform provides features that enable cybersecurity professionals to customize the built-in cyberattack simulations as well as test hacking techniques not supported out of the box.

Cymulate says its annual recurring revenue more than doubled in 2021. The startup didn’t share absolute sales numbers, but disclosed today that its customer base includes more than 500 organizations.

“Our funding from existing investors is a further testament to their confidence in our company, direction and continued vision,” said Cymulate co-founder and Chief Executive Officer Eyal Wachsman.

Cymulate plans to use the proceeds from the funding round to grow its headcount by 75% this year. The additional employees will help the startup accelerate product development efforts and establish a presence in more markets.

Image: Unsplash

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