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TrapX Security Secures Series B Investment to Increase Enterprise Adoption of Deception-Based Cyber Security Defense

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TrapX Security™, a global leader in deception-based cyber security defense, today announced it has raised $9 million in its Series B round, led by investors Intel Capital and Liberty Israel Venture Fund together with current investors BRM Group and Opus Capital. The investment will be used to accelerate growth across the business, spanning the development of deception technology, the hiring of engineering and marketing talent, and the expansion of global sales initiatives. Headcount is expected to grow by 40 percent globally within the next year to accommodate the increase in customer demand.

"You can't read the news today without learning about another significant security breach in a major institution. Target, Sony, Anthem and most recently our own government are having a difficult time retaining control of their data. As a result, leading enterprises are looking at alternative approaches to traditional network-perimeter security solutions," said Greg Enriquez, CEO of TrapX. "That's where our deception technology shines. Unlike perimeter-based platforms that act as a first line of defense against intruders, but sit at the network's edge, deception technology sits inside an organization's network and is able to catch bad actors who have slipped past traditional perimeter and endpoint solutions."

"As the threat landscape evolves and attacks continue to become smarter and more effective in detecting traditional defenses, deception technology is becoming an important and innovative approach to detecting advanced attacks inside the network," said Vinay Anand, head of product management for network security at Intel Security. "The successful proof-of-concept work TrapX has demonstrated with Intel Security's Advanced Threat Defense in organizations around the world offers strong potential for enterprise adoption."

In January 2014, TrapX received $5 million in Series A funding spearheaded by co-founders Yuval Malachi, the current CTO, and Moshe Ben-Simon, vice president of services and research. Malachi has over 15 years of experience in the field of information security, with expertise in software development, deep knowledge of security architecture and the experience required to build successful products. Ben-Simon was the former CEO of Injection Security, the head of the security consultant department at Ness Technologies and information security senior consultant at Comsec.

In the past six months, TrapX's business has made significant program strides:

Global expansion: The company announced the opening of a new Hong Kong office that enables TrapX to successfully deliver its deception-based security platform to a broader Asia-Pacific audience.

Addition of key executive leadership: Gregory Enriquez was appointed chief executive officer. Enriquez brings more than 25 years of relevant industry experience to his new role, having previously served as vice president of worldwide sales at Mandiant and vice president of sales at FireEye, where he led the worldwide sales team for the company's advanced technologies division.

Intel Security Alliance: The company joined the Intel Security Innovation Alliance™ (SIA) partner program. Under the SIA program, TrapX is integrating its DeceptionGrid technology with McAfee Advanced Threat Defense, enabling customers to meet and defeat advanced persistent threats (APTs), zero-day events and other sophisticated malware.

Industry recognition: TrapX was named a "Cool Vendor" in the April 24, 2015, Gartner Cool Vendors in Security Intelligence, 2015, report.

For more on TrapX, please visit: www.trapx.com

Posted-In: News Press Releases

 

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