Immersive Labs lands $40m investment round, opens Boston office
UK-based cybersecurity skills platform Immersive Labs has raised $40 million in its Series B round led by growth equity investor Summit Partners.
Alongside participation from existing investor Goldman Sachs, the 2017-founded start-up says it will use the investment to expand in North America from its new headquarters in Boston, where it sees a clear demand for cybersecurity support.
Following an $8 million Series A round in January this year, the UK-founded start-up led by former GCHQ cybersecurity instructor James Hadley wants to educate company’s employees on cybersecurity practice through ‘gamification’ – the application of game-design in non-game contexts.
The start-up already works with the UK’s National Health Service (NHS) and London’s Metropolitan Police, as well as British Telecom, Bank of Montreal, Citigroup and Goldman Sachs.
“The rapid, constantly evolving threat landscape has made traditional classroom training for cyber skills obsolete,” says Hadley.
“At a time when cyber skills are stretched across the board, the Immersive Labs platform enables companies to identify these weak points and rapidly skill people to address them.”
From identifying phishing attacks to reverse-engineering malware, Immersive Labs’ solution can also use employee data to determine skill levels and populate recommendations for improvement, helping companies predict security risks before they happen.
Now a team of more than 100, the start-up says it’s experienced year-on-year growth of 750% in its annual recurring revenues.