Israeli cybersecurity company XM Cyber has closed a $22 million Series A financing round with the participation of Macquarie Capital, Nasdaq Ventures, Our Innovation Fund, LP and UST Global, among others. The Herzliya-based company has now raised a total of $32 million, following a previous seed round of $10 million from Swarth Group.
XM Cyber was founded by former Mossad head Tamir Pardo who serves as president as well as CEO Noam Erez and CTO Boaz Gorodissky.
The company has developed a fully automated APT simulation and remediation platform. XM Cyber will use the funding to accelerate its strong growth through expanded sales, marketing and engineering programs. Erez told "Globes" that the company recently came out of stealth and launched its new product and XM Cyber already has customers including leading financial institutions and critical infrastructure organizations across North America, Europe, Australia and Israel.
Erez added, "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. 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."
"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."
Published by Globes, Israel business news - en.globes.co.il - on November 13, 2018
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