Bristol’s Immersive Labs, which measures and helps companies improve cybersecurity skills across technical and non-technical teams has raised $75 million in a Series C round led by new investors Insight Partners The round also saw participation from Menlo Ventures, Citi Ventures, and existing investor Goldman Sachs Asset Management. Immersive Labs is reporting that the new funds will be used to accelerate delivery of a new product lineup and expand international presence with a focus on the European and APAC markets. Including this round, the firm has raised $123 million across 5 rounds.
Much like we reported last week with Milan’s Cyber Guru’s raise of €3.6 million, cybersecurity is become a major issue, and not just for individual attacks, but the costs associated with corporate breaches can be severe.
According to the PwC Global Digital Trust Insights 2021 report, 55% of executives plan to ramp up their cybersecurity spending in 2021, and Immersive Labs is exactly the type of firm that executives will be turning to.
“The labor crisis in cybersecurity is a hard problem to solve. To protect against ever-evolving threats, the cyber workforce must constantly expand and evolve. Immersive Labs helps large organizations confront this head-on by combining smart data analysis with targeted training,” comments Venky Ganesan, Partner at Menlo Ventures. “As a veteran cybersecurity investor, I find the opportunity for Immersive Labs to solve a massive problem with a horizontal solution exciting. The cybersecurity threat will only increase, making Immersive Labs future proof as they seek to help large enterprises educate and arm themselves against ever-evolving threats.”
Immersive Labs was founded in 2017 by James Hadley, has a headcount of over 200 team members, and reports a 100% year-on-year growth rate. The firm counts HSBC, Vodafone, and the NHS amongst its customer base.