Cyber Firm SimSpace Secures $45 million in Funding from L2 Point Management to Fuel Continued Growth
SimSpace has developed government-grade cyber ranges since 2015 and is uniquely positioned to capitalize on a 2030 cybersecurity market set to top $480 billion.
BOSTON, Dec. 19, 2023 /PRNewswire/ -- SimSpace, a US-based market leader in military-grade cybersecurity, today announced that it has closed a $45 million equity raise 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.
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. In 2024, organizations worldwide are set to suffer $9.5 trillion in financial damages from cyber-attacks, as regulators and insurers increase their pressure on the disclosure and Governance, Risk and Compliance (GRC) requirements of mission critical companies. In a climate of heightened cyber threats, SimSpace is uniquely equipped to help public and private entities withstand the most sophisticated cyber-attacks that are now transcending geographical borders.
"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," said William "Hutch" Hutchison, CEO of SimSpace. "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."
"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," said Kerstin Dittmar, Managing Partner at L2 Point Management. "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. 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. 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. For more information, please visit: www.SimSpace.com.
About L2 Point Management
L2 Point Management ("L2 Point") is a San Francisco based investment firm providing innovative capital solutions for growth companies. With expertise across the capital structure, L2 Point works to address a common concern of late-stage companies today: the lack of an alternative cost of capital product between highly dilutive growth equity and operationally restrictive debt. For more information, please visit: www.L2-Point.com.
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