[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.

By Debroop Roy

Opinions expressed by Entrepreneur contributors are their own.

You're reading Entrepreneur Asia Pacific, an international franchise of Entrepreneur Media.

Florian Olivo on Unsplash

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.

Why Cyberbit

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.

Coronavirus Impact

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.

Debroop Roy

Former Correspondent

Covering the start-up ecosystem in and around Bangalore. Formerly an energy reporter at Reuters. A film, cricket buff who also writes fiction on weekends.
Fundraising

How to Navigate Fundraising Challenges Like a Pro and Win Over Investors

Raising capital for your business is one of the most difficult hurdles to success. Here are some helpful tips for meeting these challenges head-on and overcoming them.

Business Ideas

70 Small Business Ideas to Start in 2025

We put together a list of the best, most profitable small business ideas for entrepreneurs to pursue in 2025.

Business News

Walmart Is Laying Off Hundreds, Relocating Others as the Company Closes a U.S. Office

Walmart is giving some employees at least a month to decide if they want to relocate.

Devices

Savvy Professionals Have Started Trading Old-School Wallets for These

This lightweight security wallet attaches directly to your iPhone, and two of them are on sale for only $55.

Business News

Thieves Steal $40,000 Worth of Eggs in a Massive Trailer Heist: 'Liquid Gold'

Egg prices are expected to continue to rise in 2025.