Monday, July 22, 2024
HomeFunding Boston-based SimSpace Secures $45M in Funding

[Funding alert] Boston-based SimSpace Secures $45M in Funding

Boston-based SimSpace secures $45M in funding. This round was led by L2 Point Management, a private investment firm specializing in flexible capital solutions for growth companies.

Boston-based SimSpace secures $45M in funding. This round was led by L2 Point Management, a private investment firm specializing in flexible capital solutions for growth companies.

This investment brings the total capital raised by SimSpace over the past year to $70 million and will support the company’s continued growth trajectory, including its expansion into new geographies.

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SimSpace works with the most advanced Fortune 2000 companies, as well as national and state governments, to provide unmatched training and stress-testing capabilities for their defensive tools and cyber teams.

William “Hutch” Hutchison, CEO of SimSpace said, “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, 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.”

Kerstin Dittmar, Managing Partner at L2 Point Management said, “SimSpace’s high-fidelity cyber ranges have gained significant traction with leading companies and national cyber defense organizations. This financing will allow SimSpace to build on its strong momentum and continue to invest in its military-grade capabilities as the company serves an increasingly diverse and advanced customer base, We are excited to support Hutch and his talented team as they position SimSpace as a global leader in a potential $480 billion cybersecurity market.”

SimSpace’s Cyber Force Platform provides granular, data-driven performance metrics that give CFOs multi-million dollar answers to cost reduction decisions without increasing top line risk.

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The metrics-led data will also allow disclosure teams to practice their roles in severe incident response and security teams to keep their capabilities sharp for the day when they will need to outperform the adversaries intent on inflicting critical damage to the reputation and finances of large and listed companies.

About SimSpace

SimSpace is the global leader in military-grade cyber ranges, founded by experts from U.S. Cyber Command and MIT’s Lincoln Laboratory to respond to a new era of unprecedented cyber threats.

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The company’s Cyber Force Platform enables the most sophisticated enterprises, governments, and critical national infrastructure organizations to find intelligence-driven answers to the most vexing security, governance, training, and cyber readiness questions. SimSpace’s Cyber Force Platform results in an average reduction in cyber operational costs of 30% and a 40% reduction in breaches.

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