Cyberbit gets funding of $70 Million from Charlesbanks

Cyberbit is a leading global provider of cyber range training and simulation platforms. It was founded in 2015 to prepare cybersecurity teams to respond fast and better in case of cyberattacks. In a recent update, the company announced that the Charlesbank Technology Opportunities Fund will invest $70 million in the company. Further, Charlesbank Capital Partners manages the Fund, who will invest a combination of a primary investment and a secondary purchase in Elbit Systems.

Who participated in the Funding?

Existing investor Claridge Israel also participated in the round along with Charlesbank Fund.

How will the company use this fund?

Cyberbit plans to use the funding to accelerate the development of its cyber range product. They aim to grow global sales and marketing to meet the increasing demand for its product. So, with this funding, they will be able to teach more cybersecurity teams through Cyberbit Range. This will ensure that organizations are fully prepared for cyberattacks and addressing the global cybersecurity skill shortage.

What did the board members have to say?

Adi Dar, CEO of Cyberbit 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. We helped security teams all over the world train remotely and maintain their skills, anytime, anywhere. We saw a spike in the requests for free remote training, and I encourage organizations who need remote SOC training to register.

Darren Battistoni, a Managing Director at Charlesbank who will join the Cyberbit Board of Directors said:

We were truly impressed with the positive feedback from Cyberbit's customers about the value they see in training with Cyberbit Range. The Company has shown impressive growth and has a highly capable and experienced leadership team. We are excited to partner with their management and existing shareholders Elbit and Claridge Israel during the company's next phase of growth.