Intel Capital and Liberty Israel Venture Fund have led a $9 million Series B funding round in TrapX Security, a cyber security business. Existing investors BRM Group and Opus Capital also participated in the funding round. TrapX raised $5 million in Series A funding last year led by co-founders Yuval Malachi, CTO, and Moshe Ben-Simon, vice president of services and research.
TrapX Security™, a global leader in deception-based cyber security defense, today announced it has raised $9 million in its Series B round, led by investors Intel Capital and Liberty Israel Venture Fund together with current investors BRM Group and Opus Capital. The investment will be used to accelerate growth across the business, spanning the development of deception technology, the hiring of engineering and marketing talent, and the expansion of global sales initiatives. Headcount is expected to grow by 40 percent globally within the next year to accommodate the increase in customer demand.
“You can’t read the news today without learning about another significant security breach in a major institution. Target, Sony, Anthem and most recently our own government are having a difficult time retaining control of their data. As a result, leading enterprises are looking at alternative approaches to traditional network-perimeter security solutions,” said Greg Enriquez, CEO of TrapX. “That’s where our deception technology shines. Unlike perimeter-based platforms that act as a first line of defense against intruders, but sit at the network’s edge, deception technology sits inside an organization’s network and is able to catch bad actors who have slipped past traditional perimeter and endpoint solutions.”
“As the threat landscape evolves and attacks continue to become smarter and more effective in detecting traditional defenses, deception technology is becoming an important and innovative approach to detecting advanced attacks inside the network,” said Vinay Anand, head of product management for network security at Intel Security. “The successful proof-of-concept work TrapX has demonstrated with Intel Security’s Advanced Threat Defense in organizations around the world offers strong potential for enterprise adoption.”
In January 2014, TrapX received $5 million in Series A funding spearheaded by co-founders Yuval Malachi, the current CTO, and Moshe Ben-Simon, vice president of services and research. Malachi has over 15 years of experience in the field of information security, with expertise in software development, deep knowledge of security architecture and the experience required to build successful products. Ben-Simon was the former CEO of Injection Security, the head of the security consultant department at Ness Technologies and information security senior consultant at Comsec.
In the past six months, TrapX’s business has made significant program strides:
Global expansion: The company announced the opening of a new Hong Kong office that enables TrapX to successfully deliver its deception-based security platform to a broader Asia-Pacific audience.
Addition of key executive leadership: Gregory Enriquez was appointed chief executive officer. Enriquez brings more than 25 years of relevant industry experience to his new role, having previously served as vice president of worldwide sales at Mandiant and vice president of sales at FireEye, where he led the worldwide sales team for the company’s advanced technologies division.
Intel Security Alliance: The company joined the Intel Security Innovation Alliance™ (SIA) partner program. Under the SIA program, TrapX is integrating its DeceptionGrid technology with McAfee Advanced Threat Defense, enabling customers to meet and defeat advanced persistent threats (APTs), zero-day events and other sophisticated malware.
Industry recognition: TrapX was named a “Cool Vendor” in the April 24, 2015, Gartner Cool Vendors in Security Intelligence, 2015, report.
For more on TrapX, please visit: www.trapx.com
Visit the TrapX blog: http://www.trapx.com/blog/
Follow TrapX on Twitter: @trapxsecurity
Follow TrapX on LinkedIn: https://www.linkedin.com/company/trapx
Like TrapX on Facebook: https://www.facebook.com/pages/TrapX/258804147648401
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TrapX Security is a leader in the delivery of deception-based cyber security defense. Our solutions rapidly detect, analyze and defend against new zero-day and APT attacks in real time. DeceptionGrid™ provides automated, highly accurate insight into malware and malicious activity unseen by other types of cyber defense. We enable a proactive security posture, fundamentally changing the economics of cyber defense by shifting the cost to the attacker. The TrapX Security customer base includes Forbes Global 2000 commercial and government customers around the world in sectors that include defense, healthcare, finance, energy, consumer products and other key industries. Learn more at www.trapx.com.
About Intel Capital
Intel Capital, Intel’s global investment organization, makes equity investments in innovative technology start-ups and companies worldwide. Intel Capital invests in a broad range of companies offering hardware, software, and services targeting enterprise, mobility, consumer Internet, digital media and semiconductor manufacturing. Since 1991, Intel Capital has invested more than US$11.4 billion in over 1,400 companies in 57 countries. In that timeframe, 211 portfolio companies have gone public on various exchanges around the world, and 369 were acquired or participated in a merger. In 2014, Intel Capital invested $359 million in 125 investments, including 59 new deals. For more information on what makes Intel Capital one of the world’s most powerful venture capital firms, visit www.intelcapital.com or follow @Intelcapital.
About Liberty Israel Venture Fund
Liberty Israel Venture Fund, LLC (“Liberty Israel”), a subsidiary of Liberty Media Corporation (NASDAQ: LMCA) (NASDAQ: LMCB) (NASDAQ: LMCK), invests primarily in start-up Israeli technology companies. Liberty Israel focuses on a broad range of technology applications relevant to the media and telecommunications industry. Recent investments include companies focused on cyber-security, e-commerce, the internet-of-things and the connected-car. Liberty Media Corporation operates and owns interests in a broad range of media, communications and entertainment businesses, including its subsidiaries SiriusXM and Atlanta National League Baseball Club, Inc., its interest in Live Nation Entertainment, and minority equity investments in Time Warner Inc. and Viacom. For more information regarding Liberty Israel, please email email@example.com. For inquiries regarding Liberty Media Corporation, please contact Courtnee Ulrich at 720-875-5420.