December 20, 2023 at 03:09PM
Cyber-range training startup SimSpace raised $45 million in new funding, making it a total of $70 million raised. With its “Cyber Force Platform,” the company aims to expand into new global markets and provide technology for organizations to conduct secure and scalable cyber simulations. SimSpace has gained traction with Fortune 2000 companies and government clients, offering training and stress-testing capabilities.
Key takeaways from the meeting notes are as follows:
1. SimSpace, a Boston-based cyber-range training startup, has secured $45 million in new funding, led by L2 Point Management, bringing their total raised capital to $70 million.
2. The company is marketing its “Cyber Force Platform,” which offers technology for organizations to deploy secure and scalable cyber range simulations. This platform is developed with input from internal threat intelligence teams and partners such as Mandiant and the US Cyber Command.
3. SimSpace has gained traction with Fortune 2000 companies, as well as national and state governments, providing training and stress-testing capabilities for defensive tools and cyber teams.
4. The company’s product aims to assist in audits, governance, and cyber insurance requirements, improve prevention, reduce incident response costs, and optimize communications among defenders.
5. SimSpace CEO, William Hutchison, announced plans to enter new markets around the world and accelerate customer acquisition following the funding round.
Overall, the meeting notes underscore SimSpace’s focus on expanding its technology offerings, serving diverse market segments, and advancing global market penetration.