SimSpace has secured $45 million in funding from L2 Point Management. The equity investment means that SimSpace has now raised $70 million in the last year. This funding will go towards the company’s expansion into new countries.
William “Hutch” Hutchison, CEO of SimSpace. “The $45 million investment from L2 Point Management will serve as a milestone of growth at SimSpace, bolstering our ambitions to enter new markets around the world while allowing us to significantly accelerate the pace of our customer acquisition.”
What does SimSpace do?
SimSpace delivers a number of different solutions to companies. Its flagship product is its Cyber Force Platform. It describes it as “an open, high-fidelity cyber range that enables continuous security improvement programs for the US Cyber Command, Allied Nation-States and F2000 organizations.”
The product uses a continuous security improvement model that it claims brings teams together. One of the challenges most organisations face is practising their incident response which is where a cyber range is effective. What SimSpace does is allow them to develop what it calls “hyper-realistic live-fire exercises.” It also ties those exercises back to the security stack in use. Another area where many organisations struggle.
SimSpace also delivers a library of training with over 1,100 hours of material.
Hutchinson continued, “For nearly a decade, SimSpace’s ground-breaking technologies have allowed large financial institutions and critical national infrastructure companies to withstand and recover from the most severe cyber events imaginable. The exponential growth in cyber threats has underlined the necessity for the boards and c-suites of large and listed organizations to implement national-grade cybersecurity to mitigate threats and ensure bottom line growth.”
Enterprise Times: What does it mean?
Effective incident response is critical to dealing with any cyber attack. The problem is that bringing teams together is difficult, often due to workload and location. Using a cyber range is a quick and effective way to bring staff up to speed. It is this that has driven demand for cyber ranges.
What marks SimSpace out from the competition is the integration with organisations’ security stacks and the training programme it offers.
What will be interesting is to see where SimSpace opens its new offices and whether it also seeks funding for the development of new products.
