Israeli cyber deception technology company TrapX Security has announced the completion of an $18 million financing round led by Ibex Investors and with the participation of previous investors including BRM, Opus Capital, Intel Capital, Liberty Technology Venture Capital, and Strategic Cyber Ventures. The funds will be used to expand international marketing and further develop products.
Founded in 2012, TrapX Security is headquartered in San Jose, California with its development office in Tel Aviv. The company claims to have disrupted the cyber threat detection and response sector by pioneering a new game-changing approach called "Deception Technology". TrapX sees threat detection as a "right data" problem, rather than a "big data" problem allowing security teams to change the economics of cyber-attacks.
TrapX Security CEO Moshe Ben-Simon said, "This round of funding will help propel TrapX as we embark on our growth stage of the company. Global expansion and continued R&D innovation will be the catalyst for highly regulated industries and those plagued with legacy infrastructure are increasingly turning to TrapX to detect and deceive today's cybercriminals."
TrapX Security general manager Ori Bach added, "As we look to the future of TrapX, it is obvious that deception is now a part of the core foundation of security architecture, leading to real-time breach detection and prevention."
Published by Globes, Israel business news - en.globes.co.il - on July 2, 2019
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