Israel-based cybersecurity software provider XM Cyber completed a $22m series A round yesterday featuring IT services provider UST Global and Nasdaq Ventures, the investment arm of stock exchange operator Nasdaq.
Investment and banking firm Macquarie Group also participated in the round, through its Macquarie Capital unit, as did venture capital firm Our Innovation Fund.
XM Cyber has created a cybersecurity platform that finds potential threats and vulnerabilities, automatically recommending ways to thwart hackers in order to protect a customer base that includes financial institutions and critical infrastructure operators, before an attack starts.
The company will use the capital to bolster its sales, marketing and engineering activities and has formed a sales and integration agreement with UST Global’s cybersecurity subsidiary, CyberProof.
The round brings XM Cyber’s total funding to $32m, the company having raised $10m from Swarth Group, the private equity company owned by Israeli entrepeneur Shaul Shani, in January 2017.
Gary Offner, head of Nasdaq Ventures, said: “As cyber threats continue to evolve, we believe XM Cyber is addressing an important need, particularly for financial services and market infrastructure companies.
“We believe our investment in XM Cyber will help continue new developments in advancing breach simulation and detection technology and processes. This is an important, developing area of cybersecurity innovation and we are pleased to be supporting its growth and expansion.”