Cyberbit closes $70m investment to support product enhancement

Cybersecurity training platform Cyberbit has received a $70m investment from Charlesbank Capital Partners.

This investment was made of a combination of a primary investment and a secondary purchase from Elbit, with participation from existing investor Claridge Israel.

The capital injection will help the cybersecurity startup to enhance its product capabilities and accelerate its growth. Funds will also be used to support the rise in demand for its services.

Cyberbit offers cloud-based cybersecurity training which aims to help businesses better train their employees against rising online threats. According to a report from Gartner, worldwide spending on cybersecurity will hit $133.7bn by 2022.

The cybersecurity company provides teams with a variety of training tools including virtual environments, simulated cyberattacks and practice with protection software.

In a blog post, Cyberbit CEO Adi Dar said, “This vote of confidence from our investors is even more special considering the world is battling COVID-19. Cyberbit was fortunate to be able to support the industry at this challenging time.

“While most organizations were cancelling training as a result of lockdowns, our cloud-based cyber range was operating around the clock to help security teams all over the world train remotely and maintain their skills, anytime, anywhere. We actually saw a spike in the requests for free remote training, and I encourage organizations who are in need of remote SOC training to register.”

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