Israeli cybersecurity startup 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 company has raised to date a total of $32 million, following a previous seed round of $10 million from Swarth Group.
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Herzliya-based XM Cyber was founded in 2016 by security executives from the elite Israeli intelligence sector: former Mossad head Tamir Pardo, who serves as president together with CEO Noam Erez and CTO Boaz Gorodissky.
The company provides the first fully automated APT Simulation Platform to continuously expose attack vectors, above and below the surface, from breach point to any organizational critical asset.
“This continuous loop of automated red teaming is completed by ongoing and prioritized actionable remediation of security gaps. In effect, HaXM by XM Cyber operates as an automated purple team that fluidly combines red team and blue team processes to ensure that organizations are always one step ahead of the hacker,” the company said in a statement.
despite the fact that the global cybersecurity market will grow to $224.48 billion by 2022, it is still difficult for startups in the space to flourish. “There has never been more interest in cybersecurity, and ever more start-ups and yet funding is still very difficult,” Erez told Red Herring. “What’s more, good ideas are always copied.”
XM Cyber’s customers include financial institutions and critical infrastructure organizations across North America, Europe, Israel and Australia.
