Funding round pulls in $45M for SimSpace

U.S. cybersecurity startup SimSpace has landed a $45 million investment from a new funding round, which will be allocated toward strengthening its threat simulation platform while advancing market expansion, reports SiliconAngle. With its customized simulations, SimSpace's Cyber Force platform has enabled infrastructure, software, and hardware testing against cyberattacks, as well as offered attack analytics that could be leveraged to advance defensive tool development, according to SimSpace. "For nearly a decade, SimSpaces ground-breaking technologies have allowed large financial institutions and critical national infrastructure companies to withstand and recover from the most severe cyber events imaginable," said SimSpace CEO William Hutchinson. Such a development comes as Cybersecurity Ventures estimated global cybercrime losses to reach $9.5 trillion next year. "The exponential growth in cyber threats has underlined the necessity for the boards and C-suites of large and listed organizations to implement national-grade cybersecurity to mitigate threats and ensure bottom-line growth," Hutchinson added.