There is a reason that by 2021 the number of unplanned cyber security jobs worldwide is expected to reach 3.5 million. It is estimated that 230,000 new forms of malware are launched each day. The average cost of data breaches in 2020 will exceed $ 150 million. And only 38 percent of global organizations say they are ready to handle sophisticated cyber protection.
That's why Tamir Pardo, who served as head of Israeli elite security intelligence services Mossad between 2011 and 2016, founded XM Cyber two years ago, which is the first to claim the first platform to simulate, validate and improve advanced permanent (ATP ) with Artificial Intelligence (AI). Today, it announced it has earned $ 22 million in Series A with the participation of Macquarie Capital, Nasdaq Ventures, Innovation Fund and UST Global, bringing its total volume to $ 32 million.
Chief Executive Officer of XM Cyber and co-founder Noam Erez said he would use funds to "speed up [XM Cyber’s] strong growth "through expanded sales, marketing, and engineering programs.
"In this era of hyper-sophisticated cybercrime, our solution shows that organizations should ask themselves [if their assets are secure]because there are a number of ways to compromise hackers, "he said." Year 2018 was an incredible year for XM Cyber, and this funding round will help us expand our track in 2019. "
The XM Cyber HaXM platform, developed by a team of more than 30 researchers from the Israeli security agency Mossad and the Israeli Intelligence Service elite unit 8200, uses an attack method that expands deadspots and autonomously recommends ways that can be repaired . Effectively performs the role of so-called red teams, corporate hackers who have hired system abuses and vulnerabilities.
Unlike most human red teams, HaXM is constantly carrying out audits, Erez said, identifying holes in corporate networks that are reorganized and updated over time. Equally useful, its cloud dashboard allows IT teams to "translate" penetration tests on the timeline and see the theoretical damage they caused, such as credentials and data that would be exposed.
XM Cyber has nearly 30 customers across Europe, Israel and the United States across a wide range of industries, including banking, insurance, and critical infrastructure. She previously received $ 15 million from Swarth Group, a private equity company owned by Israeli billionaire Shaul Shani.
"As cyber threats are evolving, we believe XM Cyber responds to an important need, particularly for financial services and market infrastructures," said Gary Offner, director of Nasdaq Ventures. "We believe that our investment in XM Cyber will help us to continue to develop progress in simulation and fault detection and detection technologies and processes, an important, evolving area of innovation in computer security, and we are pleased to support its growth and expansion. "
Israel is the focal point of the cybersecurity talent. About 166 start-ups in the region have earned more than $ 50 million in venture capital, and another 18 have earned more than $ 30 million, according to a poll conducted this summer by YL Ventures.