Breach and attack simulation solution Picus Security has closed a $24m Series B funding round led by investment firm Turkven.
Also participating in the round were Earlybird Venture Capital and cybersecurity veteran Nathan Dornbrook. Following this round, Picus has raised a total of $33m since its inception, following its earlier $5m Series A in 2019.
Founded in 2013, Picus offers its users continuous security validation and mitigation as an approach to ensure cyber resilience. The company’s Complete Security Control Validation platform measures the effectiveness of defences by using emerging threat samples in production environments and provides the insight required to build the right security strategy to better manage complex operations.
Picus mentioned its platform simulates real-world cyber threats, including ransomware and APT groups, to enable organisations to continuously assess and improve the effectiveness of their security controls. To date, the platform includes over 11,000 attacks and 70,000 actionable mitigations and is updated daily. Since 2019, its business has grown by over 400%.
According to Picus, it will use the new funding to help accelerate the company’s expansion across North America as well as over Europe, the Middle East, Africa and Asia Pacific.
Picus Security CEO and co-founder Alper Memis said, “For too long, organizations have been forced to make assumptions about the state of their security posture. The Picus platform puts an end to this uncertainty by helping security teams to measure and improve the effectiveness of their security controls to prevent, detect and respond to threats. This latest funding will ensure that we continue to offer customers the most complete security control validation platform – one that not only continuously tests the latest tools but also helps to optimize them with less effort.”
Turkven CEO Seymur Tari added, “Picus is the pioneer of breach and attack simulation, and we are excited to support the company as it takes continuous security control validation to the next level. All corporate boards have to manage the business and reputational risks of cybersecurity breaches. With the Picus platform, they can obtain real-time insights to more clearly assess their security posture, better understand the value of investments, and make more informed decisions.”
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