Israel-based cybersecurity technology developer XM Cyber raised $17m of series B funding yesterday from investors including financial exchange operator Nasdaq’s corporate venturing arm, Nasdaq Ventures.
The round was filled out by investment bank Macquarie Group’s Macquarie Capital subsidiary, venture capital firm Our Innovation Fund and private equity firm Swarth Group. It took the company’s overall funding to $49m since it was founded in 2016.
XM Cyber has developed an automated software tool that helps organisations such as financial institutions, governments, manufacturing plants and telecommunications operators prevent hackers from attacking their databases.
The series B funding will go toward boosting the company’s global international sales and marketing capabilities, as well as accelerating its research and development efforts.
Nasdaq Ventures, Macquarie Capital and Our Innovation Fund had already backed XM Cyber’s $22m series A round in late 2018, investing alongside IT firm UST Global. That came after $10m in seed capital from Swarth Group the previous year.
