TrapX Beefs Up Deception Technology with New Financing
TrapX Security, a cyber deception technology provider, has completed an $18 million financing round to fuel expansion into additional countries and verticals.
The financing round was led by Ibex Investors and included existing investors such as Strategic Cyber Ventures, Liberty Technology Venture Capital, Intel Capital, BRM and Opus Capital. Last month, TrapX announced the release of the latest enhancements to its DeceptionGrid platform, which allows its customers to “launch a virtual army of artificial users to expose cyberattackers.”
Ori Bach, TrapX’s general manager and vice president of products, tells us part of the funding will be used to grow and deepen the company’s partner program.
“TrapX is a channel-centric company,” he said. “We rely on our partners to deliver the value of the product to customers across the globe. The product is MSSP-ready and can be delivered as a service to customers by MSSPs looking to provide their end customers with real-time accurate detection of threats.”
TrapX has integrated with Check Point Software Technologies and Cylance, as well as other key players in the cybersecurity market.
“With this funding, TrapX is doubling down on technology innovation,” Bach said. “This will ensure that our product DeceptionGrid will continue to stay way ahead of the threat landscape and competition.”
TrapX’s DeceptionNet Community allows cybersecurity teams to deceive cyberattackers by sharing deception strategies, new types of traps and third-party connectors to enhance deception’s effectiveness.
“TrapX is positioned for a phenomenal opportunity in the cybersecurity market, given its ability to provide unparalleled visibility and to operate in environments that cannot deploy other security tools because of economic or technical reasons such as highly distributed networks, IoT networks, and supervisory control and data acquisition (SCADA),” said Brian Abrams, president of Ibex Investors. “We are impressed with the company’s continued focus on leading the threat detection market in innovation and cutting-edge technology.”
Abrams will joint TrapX’s board of directors.