SimSpace, a cybersecurity training startup, has secured $45 million in a funding round led by L2 Point Management, bringing its total funding to $70 million. The company creates digital replicas of organizations’ technology and networking stacks for cybersecurity training.
SimSpace aims to reach $50 million in annual recurring revenue by the end of fiscal year 2023, expanding its private-sector customer base and securing contracts with entities such as the U.S. Cyber Command, FBI, and national cyber defense teams of U.S.-allied countries.
SimSpace’s simulation technology allows cyber teams to undergo training outside of a live production environment, enabling comprehensive testing and adjustments to security tools’ efficacy.
The company’s origins trace back to the U.S. Cyber Command, where SimSpace CEO William Hutchison designed and led a joint tactical cyber training exercise. In 2015, SimSpace was founded to bring its cyber practice and testing technology to both the private sector and government agencies.
The latest funding will support the company’s growth and allow it to invest in military-grade capabilities while serving an expanding and advanced customer base.
