XM Cyber Secures $17 Million in Series B Funding to Accelerate Cloud Development
XM Cyber, the multi-award-winning leader in breach and attack simulation (BAS) advanced cyber risk analytics and cloud security posture management, announced that it has closed a $17 million Series B funding round with Macquarie Capital, Nasdaq Ventures, Our Innovation Fund, and Swarth Group. The company has now raised a total of $49 million, from this current round as well as the previous Series A round, and a seed investment from Swarth Group.
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XM Cyber will use the funding to grow its research and development department while expanding its sales and marketing presence worldwide. The company is also expanding its capabilities as a result of the recent growth in demand for its ability to simulate attacks against cloud-based resources. The company currently has customers across the US, Europe and Asia with a growing presence in Latin America. Customers include major financial institutions, government, manufacturing, telecommunications, and critical infrastructure.
“XM Cyber’s evolution as a company has impressed us, and we believe that its solutions have become an increasing necessity for enterprises looking to improve their security posture,” said Dan Phillips, Executive Director at Macquarie Capital. “We look forward to working with the XM Cyber team as it expands globally and continues to defeat the most sophisticated cyberthreats and attacks.”
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XM Cyber is advancing the security industry with patented products that enable enterprises to automatically and continuously test their security posture. By safely simulating attacks 24/7, XM Cyber exposes real-life security issues that arise from vulnerabilities, human error and misconfigurations. Additionally, recommendations to remediate issues are provided and prioritized based on importance and relation to the customer’s most critical assets. By helping businesses to constantly improve their security posture, XM Cyber reduces costs and allows security teams to focus on the most critical issues, all while lowering exposure and risk.
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