Several high-profile investors are throwing their weight behind Estonian cybersecurity firm CybExer Technologies’ plans for global expansion.

Former Nokia chairman and founder of F-Secure, Risto Siilasmaa, is one of the backers. His investment company, First Fellow Partners, joins Estonian VC firms Karma Ventures and Specialist VC in the €5 million (US $5.7 million) funding round.

CybExer Technologies produces cyber ranges that help customers simulate cyberattacks to improve their prevention and response strategies. Supporting both cloud and on-premises, the platform delivers NIST/NICE-compliant testing and evaluation. It can also be integrated into industry-specific business applications such as directory services, international transfers and payments, 5G, OT/SCADA, and mission-critical systems in aerospace and defence.

CybExer’s Andrus Kivisaar

CybExer Technologies said the funding round will help expand its global operations. CEO Andrus Kivisaar said the investors’ expertise in cybersecurity and operational scale-up “will be an enormous catalyst for growth.”

The firm said it is planning to significantly bolster its team in development, customer success and sales organization. The expansion will include channel partnerships, said a spokesperson — although it has yet to start recruiting partners.

CybExer Technologies estimates the cyber range market to be more than €5 billion annually and growing.

Siilasmaa believes “there is no question” that cyber range technology will play an important role in building cyber resilience globally.

Risto Sillasmaa

“We want to be there when it happens,” said Siilasmaa. We believe that CybExer’s goals in further developing its solution and increasing its market share are realistic and achievable.”

Customer Portfolio

Margus Uudam is founding partner of Karma Ventures. He said the company was impressed by “the current first-rate client portfolio and overall strong performance of CybExer.”

“The company has already proven itself as a best-in-class cyber range solutions provider for top-tier customers,” he said. With this additional investment, we want to increase its market share and help make this cutting-edge technology accessible to a wider customer base globally.”

The company has won awards from NATO and delivered exercises to Deloitte, ESA and multiple ministries of defence in Europe.

“We see new customers from banking, insurance, telcos, municipalities and academia,” added Kivisaar.