[Funding Alert] Israel's Cyberbit Raises $70 Million From Charlesbank
The company said it plans to use the fresh funds to accelerate development of its cyber range product as well as to build its global sales and marketing teams.
Cyberbit, a cyber range training and simulation platform provider, has raised $70 million from Charlesbank Technology Opportunities Fund. The deal comprises of a primary investment and a secondary purchase from Elbit Systems.
Exisiting investor Claridge Israel also participated in the round.
Founded in 2015, Cyberbit's product replicates a real-world cyberattack by immersing trainees in a virtual security operations center, where they use commercial security tools to respond to live, simulated attacks.
The Israel-headquartered company said it plans to use the fresh funds to accelerate development of its cyber range product as well as to build its global sales and marketing teams.
“The investment from Charlesbank will allow us to solidify our position as a best-of-breed product and allow us to accelerate our global expansion," said chief executive officer Adi Dar.
According to the company, most cybersecurity teams are not prepared to respond effectively to various attacks, as they are unlikely to have experienced such attacks before, therefore being forced to learn on the job.
Trainees on the Range platform use commercial security tools identical to the tools used at their workplace to detect, investigate and respond to simulated attacks. It also provides enterprises with comprehensive performance assessment, feedback and ranking.
The company claims it has has doubled its customer base over the last year while also increasing its annual recurring revenue by 100 per cent. It currently services multiple global enterprises, two of the Big-Four accounting firms, governments among others.
Boston- and New York-based Charlesbank's Darren Battistoni will join the Cyberbit board of directors as part of the deal.
“We were truly impressed with the positive feedback from Cyberbit’s customers about the value they see in training with Cyberbit Range,” said Battistoni.
Separately, Cyberbit said it is also looking to expand its base in India.
"The funding will also be leveraged to accelerate sales and marketing in India, to increase our existing reach within the financial and enterprise sector, and particularly to penetrate the higher education sector in India," said Rakesh Kharwal, managing director for Asia and South Asia for Cyberbit.
Last year, the company launched its cloud-based cyber range offering enabling customers to participate in cyber range exercises on demand, from any location.
During the Coronavirus outbreak, Cyberbit said it had seen a spike in demand for this offering as remote training has become the need of the hour.
"We are experiencing record demand for our cyber range as organizations recognize the importance of real-world cyberattack simulation to assess and prepare their security teams,” added Dar.