U.S.-based military-grade cybersecurity firm SimSpace Corp. said Tuesday that it has secured $45 million in new funding in an equity raise led by L2 Point Management, a private investment firm, to support the growth of its platform and expansion into new regions.

Founded by experts from U.S. Cyber Command and MIT’s Lincoln Laboratory, the company provides services that allow companies and government organizations to stand up full-stack simulations of their own production environments so that they can test and train cybersecurity readiness.

The company’s Cyber Force platform provides a safe environment to create pre-defined, customized simulations of any cyber event or mission, such as simulating attacks or events. This allows for the testing of infrastructure, hardware and software stacks against known attacks and also permits teams to do work within known environments for training purposes to do live-fire exercises in battle-ready cyber operations without the fear of data leakage.

The other benefit of the platform is that it is fully instrumented, meaning that analytics from stress testing attacks and training missions can be reported to provide continuing improvement programs for staff and to build better defensive tools. This will allow companies and government organizations to harden their systems against cyberattacks.

“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,” said SimSpace Chief Executive William “Hutch” Hutchison.

According to the 2023 cost of a data breach report from IBM Corp. and the Ponemon Institute revealed that on average the cost of cyberattacks to companies reached $4.45 million. Cybercrime is predicted to cost $9.5 trillion worldwide in 2024, according to Cybersecurity Ventures, led by ransomware, malware, cloud exploits, social engineering and more attack surfaces.

“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,” said Hutchinson.

By providing data-driven performance metrics for stress-testing of defense tools and team exercises, the company says, companies and organizations can get a chance to understand their position for severe cybersecurity incident response and security teams get what they need to stay sharp for future cyberattacks. At the same time, companies can stay ahead of potential costs that might be incurred for staying ahead of the curve when it comes to paying for training and updating tools.

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