The investment will allow Cyberbit to address unprecedented demand for its simulation-based cybersecurity training platform
Cyberbit Ltd., a leading global provider of cyber range training and simulation platforms, announced that Charlesbank Technology Opportunities Fund, a fund managed by Charlesbank Capital Partners, has invested $70 million in the Company, a combination of a primary investment and a secondary purchase from Elbit Systems Ltd. Existing investor Claridge Israel also participated in the round.
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Cyberbit plans to use the funding to accelerate the development of its cyber range product and to grow global sales and marketing to meet the increasing demand for its product. With this funding, more cybersecurity teams will benefit from hyper-realistic training through Cyberbit Range, ensuring their organizations are fully prepared for cyberattacks and addressing the global cybersecurity skill shortage.
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Cyberbit was founded in 2015 to solve a critical industry challenge: Cybersecurity teams are not prepared to respond effectively to various attacks, as they have never experienced the attacks before, and are therefore forced to learn “on the job.”
The Cyberbit Range platform addresses this challenge by introducing a new approach that immerses security teams in a virtual security operations center (SOC), where they practice responding to live cyberattacks. Trainees use commercial security tools identical to the tools used at their workplace to detect, investigate and respond to simulated attacks. The product provides comprehensive performance assessment, feedback and ranking. This breakthrough combination of real-world attacks, real-world networks, real-world security tools and accurate performance assessment allows security teams to train for and experience attacks before the fact. Organizations can quickly identify gaps in their security team’s performance, fix them and ensure their teams are fully prepared when the real attack occurs.
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