US-based cybersecurity company TrapX Security raised $9m on Friday in a series B round co-led by subsidiaries of semiconductor technology producer Intel and media company Liberty Media.
Venture capital firms BRM Group and Opus Capital also took part in the round. Intel and Liberty invested through their respective Intel Capital and Liberty Israel Venture Fund investment vehicles.
TrapX is the developer of a cybersecurity platform dubbed DeceptionGrid. The platform protects networks against zero-days exploits, which rely on unfixed bugs, and advanced persistent threats, a form of stealthy and continuous hacking.
The company will use the funding to further develop its platform, hire engineers and marketing staff, and increase its sales efforts. TrapX expects to grow its team by 40% within the next year.
Originally known as CyberSense, TrapX secured $5m in a January 2014 series A round led by co-founders Yuval Malachi and Moshe Ben-Simon that also included BRM and Opus.
Greg Enriquez, CEO of TrapX, said: “You cannot read the news today without learning about another significant security breach in a major institution. Target, Sony, Anthem and most recently our own government are having a difficult time retaining control of their data.
“As a result, leading enterprises are looking at alternative approaches to traditional network-perimeter security solutions. That’s where our deception technology shines.”