Deception-based cybersecurity startup TrapX Security has raised an $18 million series C round led by Ibex Investors, the company announced Monday. Existing investors Intel Capital, BRM, Opus Capital, Liberty Technology Venture Capital, and Strategic Cyber Ventures also participated in the round.
The company intends to use the funds to expand the global presence to additional countries and verticals.
Incorporated in 2012, TrapX Security offers a deception-based cybersecurity platform. According to the company, their DeceptionGrid solution rapidly detects, deceives, and defeats advanced cyberattacks and human attackers in real time and also provides automated, accurate insight into malicious activity unseen by other types of cyber defenses.
President of Ibex Investors, Brian Abrams, who will join the board of directors, said, “TrapX is positioned for a phenomenal opportunity in the cybersecurity market, given its ability to provide unparalleled visibility and to operate in environments that cannot deploy other security tools because of economic or technical reasons such as highly distributed networks, IoT networks, and SCADA. We are impressed with the company's continued focus on leading the threat detection market in innovation and cutting-edge technology.”
“This round of funding will help propel TrapX as we embark on our growth stage of the company. Global expansion and continued R&D innovation will be the catalyst for highly regulated industries and those plagued with legacy infrastructure are increasingly turning to TrapX to detect and deceive today's cybercriminals,” said Moshe Ben-Simon, CEO of TrapX Security.
Ori Bach, General Manager of TrapX Security added, “As we look to the future of TrapX, it is obvious that deception is now a part of the core foundation of security architecture, leading to real-time breach detection and prevention.”