TrapX Security, a global leader in advanced cyber security defense, announced dramatic growth against every key aspect of its business in 2015. This momentum is generated by increased customer demand and an additional $5 million investment from Strategic Cyber Ventures, bringing its total Series B round to $14 million.
In July, the company announced $9 million in its initial Series B round, led by investors Intel Capital and Liberty Israel Venture Fund together with investors BRM Group and Opus Capital.
In the fiscal year ending December 31, 2015, annual bookings tripled to reflect a growth rate of approximately 300 percent. This growth has been fueled by broad-based demand for the company’s DeceptionGrid software.
“Cybersecurity technology has failed against the stratagems employed by the elite cybercriminals of 2016," said Tom Kellermann, CEO of Strategic Cyber Ventures. "TrapX’s DeceptionGrid gives prominence to the concept of intrusion suppression. Strategic Cyber Ventures has chosen to invest in TrapX due to the preeminent cybersecurity architecture, which will buttress the defenses of corporate America against cybercrime."
Kellerman continued, “The company’s momentum in healthcareespecially has established TrapX as the leading supplier of deception technology to hospitals, skilled nursing facilities (SNFs), MRI/X-ray centers and large physician organizations. We’re bullish on TrapX and expect they’ll quickly expand into additional vertical markets including finance and critical infrastructure.”