XM Cyber, an Israel-based cybersecurity startup, has recently raised US$17 million in funding from Nasdaq Ventures, Macquarie Capital, Swarth Group and Our Innovation Fund.
With the recent funding, XM Cyber has raised a total of US$49 million to date. The startup company plans to grow its research and development department as well as expand its sales and marketing through the latest funding. XM Cyber claims that it has witnessed gradually growing demand for its technology from organizations to simulate attacks on cloud-based resources.
Noam Erez, Chief Executive Officer, XM Cyber, reportedly said that most businesses have shifted to working remotely during the coronavirus pandemic that has increased millions of endpoints to corporate networks, which in turn has extended the attack surface for cyber criminals as well.
In December 2019, the company introduced a technology that can simulate attacks on Amazon Web Services. XM Cyber has customers in Asia, Europe and the United States with a growing presence in Latin America.
Recently, the Business Intelligence Group bestowed XM Cyber with the 2020 Fortress Cyber Security Award as a threat modeling provider. This award program sought to identify and reward top companies & products across the globe that are working to keep electronic and data assets safe amidst a growing threat from hackers.
XM Cyber is a pioneer in threat modelling and is advancing the security industry through its patented products that aid organizations to continuously, automatically test their security position. XM Cyber exposes real-life security issues that arise from human error, misconfigurations and vulnerabilities, by safely simulating attacks 24/7.
Moreover, it provides recommendations to remediate issues by importance and in relation to the customer's most critical assets. By enabling businesses to constantly improve their security stance, the cybersecurity startup is aiding in reducing costs and also helping security teams to focus on actual issues, while lowering risk and exposure.