Cyber security startup TrapX Security has closed a $14 million Series B financing round. The company raised $9 million of this amount last year led by investors Intel Capital and Liberty Israel Venture Fund together with investors BRM Group and Opus Capital. It has now expanded this round with an additional $5 million investment from Strategic Cyber Ventures.
In 2015, annual bookings tripled with growth fueled by broad-based demand for the company's DeceptionGrid™ software.
The company was founded by VP services and research Moshe Ben-Simon and CTO Yuval Malachi. Headquartered in San Mateo, California, the company's development center is in Tel Aviv.
Strategic Cyber Ventures CEO Tom Kellermann said, "Cybersecurity technology has failed against the stratagems employed by the elite cybercriminals of 2016. TrapX's DeceptionGrid gives prominence to the concept of intrusion suppression. Strategic Cyber Ventures has chosen to invest in TrapX due to the preeminent cybersecurity architecture, which will buttress the defenses of corporate America against cybercrime. The company's momentum in healthcare especially has established TrapX as the leading supplier of deception technology to hospitals, skilled nursing facilities (SNFs), MRI/X-ray centers and large physician organizations. We're bullish on TrapX and expect they'll quickly expand into additional vertical markets including finance and critical infrastructure."
To capitalize on the momentum, the company also announced today that it has appointed a new vice president of marketing; vice president products and vice president, research and development. Anthony James, Ori Bach and Doron Cohen together bring extensive relevant business experience to drive the company's visibility, sales and product portfolio.
TrapX CEO Greg Enriquez said, "Thanks to increased market awareness around deception as a game-changing technology for protecting networks against zero days and advanced threats, enterprise adoption of TrapX's DeceptionGrid platform has steadily increased. Anthony, Ori and Doron bring deep technical, business and customer insights to TrapX, enabling us to seize this growing market opportunity and more rapidly extend our product line and fuel sales momentum into new and existing verticals."
Published by Globes [online], Israel business news - www.globes-online.com - on April 19, 2016
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