Series C round led by Insight Partners with participation from new investors Citi Ventures and Menlo Ventures and follow on from Goldman Sachs Asset Management
Capital will enable Immersive Labs’ continued 100% YoY growth with data-centric approach in mapping cyber skills to risk
BRISTOL, United Kingdom & BOSTON, Jun 14, 2021--(BUSINESS WIRE)--Immersive Labs, the company empowering organizations to measure and improve cybersecurity skills across technical and non-technical teams, today announced it has closed $75m in Series C funding led by new investors Insight Partners alongside Menlo Ventures, Citi Ventures and existing investor Goldman Sachs Asset Management.
The investment will accelerate delivery of a progressive new Cyber Workforce Optimization platform. With cyber risk no longer confined to technical specialists, expert skills are now required across the entire organization. From crisis management with executives to secure software development amongst engineers and ensuring compliance in legal teams, the platform will use data insights to understand where skills are required and inject role-specific training. It will also enable board-level metrics and benchmarking.
Immersive Labs, which has now received $123m in venture funding, currently counts organizations such as HSBC, Vodafone and the NHS as customers. Growing at over 100% year-on-year, it has recently been named in numerous industry and business awards as an innovation leader.
James Hadley, CEO and Founder of Immersive Labs, said, "With cyber risk becoming a problem for a growing number of business functions, cybersecurity knowledge and skills should no longer be the preserve of a few technical people hidden away in a back office. Everyone from the teams who build software to the CEO now needs to play their part in addressing a pervasive company issue. This requires unlocking and evidencing skills in a much broader group of people.
"The first step to achieving this lies in understanding where capabilities are lacking which, until now, has been impossible. This investment will allow us to add new analytical capabilities and content to provide a more detailed picture of skills across the growing breadth and depth of cyber exposure facing organizations, helping them measure and manage risk better."
"With significant global customer and revenue growth over the last few years, Immersive Labs has established a strong position in the fast-developing cyber skills space," said Ryan Hinkle, Managing Director at Insight Partners. "With influential leadership, an innovative product in a growing market and strong user engagement, the company is in a position to continue to lead the cyber readiness market." As part of the transaction, Hinkle will be joining the company’s Board of Directors.
As well as building out the platform, Immersive Labs will use the funding to expand its international presence, tripling global headcount to 600 over the next two years and establishing operations in new regions throughout APAC and Europe.
"The labor crisis in cybersecurity is a hard problem to solve. To protect against ever-evolving threats, the cyber workforce must constantly expand and evolve. Immersive Labs helps large organizations confront this head-on by combining smart data analysis with targeted training," said Venky Ganesan, Partner at Menlo Ventures. "As a veteran cybersecurity investor, I find the opportunity for Immersive Labs to solve a massive problem with a horizontal solution exciting. The cybersecurity threat will only increase, making Immersive Labs futureproof as they seek to help large enterprises educate and arm themselves against ever-evolving threats."
Arvind Purushotham, Managing Director and Global Head of Citi Ventures, said, "We believe strongly in the value of using people more strategically to help large organizations mitigate ever-growing cyber risk. Traditionally, this has been difficult; without effective data, it’s hard to know where to apply skills development and how to measure its success. This is why Immersive Labs’ vision is so compelling – it creates visibility into and optimizes one of the most valuable assets in cyber defense, the human defenders."
James Hayward, Managing Director in the Growth Equity team at Goldman Sachs Asset Management, said: "Immersive Labs has proven itself to be a valuable partner for businesses looking to improve their resilience to cyber risks. Their growth and development in the three years since we initially invested has been impressive and we believe they have built a strong foundation for further growth."
Since founding in 2017, Immersive Labs has grown to over 200 people, with joint operations HQs in Bristol and Boston. For more information on the company visit immersivelabs.com
About Immersive Labs
Immersive Labs is empowering organizations to equip, exercise, and evidence human cyber capabilities. We provide metrics that give security leaders insight into human cyber skills and readiness levels across their organization and improve these through dynamic labs and crisis scenarios which track the threat landscape. Immersive Labs is backed by Goldman Sachs Asset Management, Summit Partners, Insight Partners, Citi Ventures, and Menlo Ventures. Our customers include some of the largest companies in financial services, healthcare, and government, amongst others. For more information on Immersive Labs’ offering, please visit www.immersivelabs.com.
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