Cybersecurity training platform Immersive Labs scores $40m Series B

Immersive Labs, a cybersecurity education platform for employees, has scored $40m in a Series B round.

The investment was supplied by Summit Partners and existing backer Goldman Sachs.

Having secured these new funds, the RegTech is looking to expand into North America and has established an office headquarters in Boston. Additionally, capital will be used to deepen its presence across the Atlantic and supporting its team.

The UK-based cybersecurity startup helps businesses to train their employees around online threats through simulated scenarios. To keep staff engaged, the company offers game mechanics and live leaderboards to encourage healthy competition among employees.

In a blog post discussing the funding round, the company said, “Since our 2017 launch we’ve championed a dynamic new way of honing cyber skills – much to the despair of our more traditional competitors. This vision is being continuously validated, but it’s taken a lot of hard work to get this far! Thanks to our amazing customers and extraordinary efforts across the whole company, we have achieved 750% year-over-year growth in annual recurring revenue and hired over 100 employees.”

Earlier in the year, Summit Partners led the $34m funding round of security operations solution Red Canary. The cybersecurity startup delivers managed detection and response solutions which uncover any potential cyber threats.

Cybersecurity has seen a lot of support from investment firms since 2014, with $2.8bn having been deployed to startups in the space.