Israel’s XM Cyber closes $22m funding
Israel-based cybersecurity firm XM Cyber has closed a $22 million Series A funding round with the participation of Macquarie Capital, Nasdaq Ventures, Our Innovation Fund, LP and UST Global.
The company has now raised a total of $32 million, following a previous seed round of $10 million from Swarth Group.
XM Cyber will use the funding for sales, marketing and engineering programmes. The company offers its HaXM platform and has customers in North America, Europe, Israel and Australia.
“In this era of hyper-sophisticated cybercrime, our solution demonstrates that organisations should be asking themselves ‘Are my critical assets really secure?’ as there is a plethora of ways hackers can compromise them,” says XM Cyber CEO and co-founder Noam Erez.
According to the company, its automated advanced persistent threat (APT) simulation platform will continuously expose attack vectors, above and below the surface, from breach point to any organisational critical asset.
This continuous loop of automated red teaming is completed by ongoing and prioritised actionable remediation of security gaps. In effect, HaXM operates as an automated purple team that “fluidly combines red team and blue team processes to ensure that organisations are always one step ahead of the attack”.
XM Cyber was founded by security executives from the Israeli intelligence sector.
That’s not so unusual for the nation’s fintech. Team8, an Israel-based cybersecurity company, was founded by Nadav Zafrir, a former commander of the army’s technology and intelligence unit 8200. Last year Microsoft and Qualcomm invested in his firm.