Cybersecurity training startup Hack The Box raked in $10.6m in a Series A round led by Paladin Capital Group.
Additional investors joining in the round included Osage University Partners, Brighteye Ventures and existing investor Marathon Venture Capital.
The company intends to use the funds to establish its presence in the US and the global market, and expand its product portfolio for both individuals and organisations. To add on, it plans to develop its newest product, Hack The Box Academy, which it launched recently.
Launched in 2017, Hack The Box uses ethical hacking methods to train teams in cybersecurity techniques. Users are given challenges to attack virtual vulnerable labs in a simulated, gamified and test environment. For the B2C market, it provides monthly and annual subscriptions that provide unrestricted access to the training content.
The firm has garnered more than 500,000 platform members, from beginners to experts, and brought in around 800 organizations including governments, Fortune 500 companies, and academic institutions to improve their cyber-adversarial knowledge.
Commenting on the importance of cybersecurity training, Hack The Box co-founder and CTO James Hooker said, “With this investment, our R&D function will grow 4x in the next 18 months so we can continue to define the market by introducing groundbreaking features across every single product. Our engineering team is committed to delivering the industry’s most advanced and consolidated platform, uniting the entire product portfolio of Hack The Box.”
Echoing a similar sentiment, Hack The Box co-founder and CEO Haris Pylarinos said, “Everything we do is geared around creating a safer internet by empowering corporate teams and individuals to create unbreakable systems.”
Indeed, headlines of constant cyberattacks and hacks prove that companies must be geared up to deal with cybercriminals. Paladin Capital Group senior VP Gibb Witham added, “Attackers will go to any length to advance their capabilities. Hack The Box keeps enterprises and government customers up-to-date on the latest adversary methods and tradecraft so that attackers are the only ones caught unprepared.
“We’re excited to be backing Hack The Box at this inflexion point in their growth as organizations recognize the increasing importance of an adversarial security practice to combat constantly evolving cyber attacks.”
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