On Monday a Silicon-valley based company, TrapX announced that it raised $18 million in a Series C funding round while TrapX provides cybersecurity solutions based on deception technology.
In this funding round BRM, Opus Capital, Intel Capital, Liberty Technology Venture Capital, and Strategic Cyber Ventures along with Ibex investors helped the company to raise up to $37 million.
This distinctive cybersecurity firm further plans to utilize this funding to step into more countries expanding their markets and hence improving their abilities to provide solutions.
“This round of funding will help propel TrapX as we embark on our growth stage of the company. Global expansion and continued R&D innovation will be the catalyst for highly regulated industries and those plagued with legacy infrastructure are increasingly turning to TrapX to detect and deceive today’s cybercriminals,” said Moshe Ben-Simon, CEO of TrapX.
Their solutions are designed efficiently to defeat modern sophisticated cyber attacks, and not only detecting such attacks but also keeping track of them malicious activities hence completely defeating the attackers.
TrapX along with it’s detection techniques, also confuses attackers by deploying hundreds or thousands of traps for them through their DeceptionGrid. This completely mimics the customer’s environment making it almost impossible for the attacker to decide which one of it is real or fake. The same methodology could be used to deploy traps for IoT devices through them.
Such distinctive cybersecurity solutions play an important role in several sectors and industries, just a few days back a cybersecurity attack led to hackers stealing $4.5 million from a cryptocurrency exchange platform.
The firm also claims that its cybersecurity solutions are being used in different sectors such as defense, energy, healthcare, finance, and consumer products by the organizations in Fortune 500 to detect and defeat attackers by deceiving them with the solutions powered with their deception technology.