Cymulate, a pioneer in Extended Security Posture Management (XSPM), has announced a $70 million Series D investment headed by current investors One Peak and including Dell Technologies Capital, Susquehanna Growth Equity (SGE), Vertex Ventures Israel, and Vertex Growth. So far, Cymulate has raised $141 million in total.
This new investment, one of the largest for providers of continuous security testing, doubles Cymulate’s total money raised to date. At the same time, it would quicken the company’s pace of innovation and worldwide development.
Cymulate will use the Series D funds to expand its technology capabilities and hasten its worldwide expansion. In 2021, the company’s ARR more than quadrupled and its growth in North America alone increased by more than 200 percent. Globally, Cymulate serves more than 500 clients, including Fortune 500 businesses and key business partners like Optiv and Wipro. Cymulate intends to increase its employees by a further 75% by the end of the year in order to assist its go-to-market initiatives.
Gartner analysts noted in a recent report on Continuous Threat Exposure Management (CTEM) that ‘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 delayed.’
The global shortage of 2.72 million cybersecurity professionals and overstretched in-house security resources would further exacerbate the need for Cymulate’s real-world solutions, which close security gaps quickly and efficiently, rationalize technology, help upskill staff, and improve processes. CTEM would bring a pragmatic and effective systemic approach to continuously refine priorities, walking the tightrope between those two impossible extremes.
“We are thrilled to lead this round of investment in Cymulate,” said David Klein, Managing Partner at 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.”
Reduction in Cyber Risk
By putting businesses’ cloud and on-premise networks to the test against the most recent threats currently active in the wild, Cymulate claims to set the industry standard for enterprises using automation to continually validate their threat exposure and cyber posture. In order to fully meet the security and commercial demands of clients, the company’s Extended Security Posture Management platform makes use of its native offensive security technologies and capabilities.
In order to give actionable security posture insights, XSPM integrates four key pillars: Attack Surface Management, Continuous Automated Red Teaming, Breach & Attack Simulation, and Advanced Purple Teaming. Clients of Cymulate would notice a reduction in their cyber risk of almost 50 percent in the first three months of use, according to the company itself. Running daily risk analyses, Cymulate’s clients’ cyber risk has been declining for the first year without any security drift.
“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.”
Adding New Leadership Team Members
Along with the announcement of their Series D fundraising, Cymulate also has announced the hiring of two C-level executives to strengthen the company’s leadership: Maria Mastakas as Chief Operating Officer and Carolyn Crandall as Chief Marketing Officer and Chief Security Advocate.
Before joining Cymulate, Maria Mastakas served as CRO for threat intelligence firm Digital Shadows (bought by Reliaquest), which was designated one of Utah Business Magazine’s 30 Women to Watch. Previously, she held executive leadership positions at Datashield, Integrated Business Solutions (IBS), and Metro Commercial Finance. Mastakas is a pioneer in cyber security who focuses on sales and team development and has a track record of boosting sales productivity and client retention.
Carolyn Crandall joins Cymulate from Attivo Networks (acquired by SentinelOne), where she also served as CMO and Chief Security Advocate, and is recognized as one of the Top 25 Women in Cybersecurity by Cyber Defense Magazine (2020 & 2019). She is also known as a global thought leader in technology trends, according to Cymulate. She would be a high-impact technology executive with over 30 years of expertise creating new markets and leading enterprise infrastructure businesses. She has a proven track record of successfully leading businesses from the pre-IPO stage to multi-billion dollar revenues. Prior to joining Cisco, Crandall had executive positions at Juniper Networks, Nimble Storage, Riverbed, and Seagate.