Cymulate recently announced that it raised $70 million in Series D funding led by existing investors One Peak, along with Susquehanna Growth Equity (SGE), Vertex Ventures Israel, Vertex Growth, and Dell Technologies Capital. To date, Cymulate has raised $141 million.
The latest investment is one of the largest for continuous security testing vendors and doubles Cymulate’s funding raised to date. Cymulate aims to accelerate its global expansion and pace of innovation with this investment.
“In a market where every business must be prepared to fight advanced threats, I am proud of our team’s ability to innovate and respond quickly to the constant turbulence of cybersecurity,” said Eyal Wachsman, CEO, and Co-Founder of Cymulate. “Our funding from existing investors is a further testament to their confidence in our company, direction, and continued vision. We look forward to reaching our next innovation milestones and expanding into new markets across the globe.”
In its report, “Implement a Continuous Threat Exposure Management (CTEM) Program”, July 2022, Gartner mentions, “Previous approaches to managing the attack surface are no longer keeping up with digital velocity — in an age where organizations can’t fix everything, nor can they be completely sure what vulnerability remediation can be safely postponed. CTEM is a pragmatic and effective systemic approach to continuously refine priorities, walking the tightrope between those two impossible extremes.”
Cymulate states in its press release that there is a global shortage of 2.72 million cybersecurity professionals, and in-house security resources are overloaded with work, which, it says, increases the need for its real-world solutions that cover the security gaps quickly and efficiently, rationalize technology, enable staff upskilling and improve processes.
“We are thrilled to lead this round of investment in Cymulate,” said David Klein, Managing Partner of One Peak. “Cyber posture management and continuous security validation have dramatically increased in popularity in response to the onslaught of ransomware and cyber warfare for businesses across all size ranges. Cymulate is the clear leader in the sector, and we look forward to continuing to support the Company in further accelerating its already strong growth trajectory.”
Cymulate’s XPSM platform
Cymulate more than doubled its annual recurring revenue in 2021 and grew over 200% in North America alone. It serves more than 500 customers globally, including Fortune 500 companies and strategic partners like Optiv and Wipro. By the end of 2022, Cymulate expects to further increase its staff by 75% to continue supporting its go-to-market efforts.
Cymulate uses automation to continuously validate its threat exposure and cyber posture. Its Extended Security Posture Management (XSPM) platform makes use of its native offensive security technology and capabilities for supporting customers’ security and business needs. XSPM comprises Attack Surface Management, Continuous Automated Red Teaming, Breach & Attack Simulation, and Advanced Purple Teaming.
Cymulate reports that its customers were able to reduce their cyber risk by nearly 50% during the first three months of use. Daily risk assessments continue to decrease the cyber risk of Cymulate’s customers in the first year without any security drift.
New C-level executives at Cymulate
Cymulate has appointed two C-level executives to strengthen the company’s leadership. Maria Mastakas is appointed as the Chief Operating Officer and Carolyn Crandall is the Chief Marketing Officer (CMO) and Chief Security Advocate of Cymulate.
Maria Mastakas was previously the Chief Revenue Officer of threat intelligence provider Digital Shadows (acquired by Reliaquest). She also has the experience of handling executive leadership positions at Datashield, Integrated Business Solutions (IBS), and Metro Commercial Finance. Mastakas is a cyber security leader and specializes in sales and team building.
Carolyn Crandall joins Cymulate from Attivo Networks (acquired by SentinelOne) where she served as CMO and Chief Security Advocate. She is a high-impact technology executive and has more than 30 years of experience in building new markets and successful enterprise infrastructure companies. Crandall has also held leadership positions at Cisco, Juniper Networks, Nimble Storage, Riverbed, and Seagate.
