The Capital Quest | Israeli cybersecurity firm Cymulate gets $70 mn in Series D
Cymulate, a US-based and Israeli-origin cybersecurity firm, has raised $70 million in a Series D funding round led by existing growth equity investor One Peak.
One Peak was joined in the round by Susquehanna Growth Equity, Vertex Ventures Israel, Vertex Growth and Dell Technologies Capital.
Cymulate said in a statement the round is among the largest for continuous security testing vendors and doubles its funding raised to date to $141 million.
The startup said it will use the fresh capital to extend its technological capabilities and accelerate its global growth.
The company said it more than doubled its annual recurring revenue in 2021 and grew more than 200% in North America alone. Cymulate has more than 500 customers globally, including Fortune 500 companies and strategic partners such as Optiv and Wipro. By the end of this year, Cymulate plans to expand its staff by 75%.
Alongside the Series D funding, Cymulate also recently announced two C-level executive appointments to bolster the company’s leadership. It appointed Maria Mastakas as Chief Operating Officer and Carolyn Crandall as Chief Marketing Officer and Chief Security Advocate.
One Peak is a growth equity firm that invests in technology companies in the scale-up phase. In addition to Cymulate, One Peak has invested in Neo4j, DocPlanner, Spryker Systems, PandaDoc, Keepit, Paysend, Ardoq, Quentic, HighQ, Coople, DataGuard, and Brightflag.
“Cyber posture management and continuous security validation have dramatically increased in popularity in response to the onslaught of ransomware and cyber warfare for businesses across all size ranges,” said David Klein, Managing Partner of One Peak. “Cymulate is the clear leader in the sector, and we look forward to continuing to support the company in further accelerating its already strong growth trajectory.”
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