SOURCE: TrapX

TrapX

April 19, 2016 06:00 ET

TrapX Security Expands: Fueled by Customer Demand and Additional $5 Million Investment From Strategic Cyber Ventures LLC

In Addition to Triple Digit Worldwide Growth, the Company Appointed Three New Vice Presidents to Further Expand the Company's Product Portfolio and Increase Worldwide Sales

SAN MATEO, CA--(Marketwired - Apr 19, 2016) - TrapX Security™, a global leader in advanced cyber security defense, today announced dramatic growth against every key aspect of its business in 2015. This momentum is generated by increased customer demand and an additional $5 million investment from Strategic Cyber Ventures, bringing its total Series B round to $14 million. In July, the company announced $9 million in its initial Series B round, led by investors Intel Capital and Liberty Israel Venture Fund together with investors BRM Group and Opus Capital.

In the fiscal year ending December 31, 2015, annual bookings tripled to reflect a growth rate of approximately 300 percent. This growth has been fueled by broad-based demand for the company's DeceptionGrid™ software.

"Cybersecurity technology has failed against the stratagems employed by the elite cybercriminals of 2016. TrapX's DeceptionGrid gives prominence to the concept of intrusion suppression. Strategic Cyber Ventures has chosen to invest in TrapX due to the preeminent cybersecurity architecture, which will buttress the defenses of corporate America against cybercrime," said Tom Kellermann, CEO of Strategic Cyber Ventures. "The company's momentum in healthcare especially has established TrapX as the leading supplier of deception technology to hospitals, skilled nursing facilities (SNFs), MRI/X-ray centers and large physician organizations. We're bullish on TrapX and expect they'll quickly expand into additional vertical markets including finance and critical infrastructure." 

To capitalize on the momentum, the company also announced today that it has appointed a new vice president of marketing; vice president products and vice president, research and development. Anthony James, Ori Bach and Doron Cohen together bring extensive relevant business experience to drive the company's visibility, sales and product portfolio.

"Thanks to increased market awareness around deception as a game-changing technology for protecting networks against zero days and advanced threats, enterprise adoption of TrapX's DeceptionGrid platform has steadily increased," said Greg Enriquez, CEO of TrapX. "Anthony, Ori and Doron bring deep technical, business and customer insights to TrapX, enabling us to seize this growing market opportunity and more rapidly extend our product line and fuel sales momentum into new and existing verticals."

TrapX executive team expansion
The three new members to its executive team added include:

Anthony James, chief marketing officer. Prior to joining TrapX, Anthony was vice president of products and marketing at Cyphort. Anthony also held a number of vice president positions at NetCitadel, FireEye, Blue Coat Systems and Fortinet.

Ori Bach, vice president, products. Ori worked for IBM Trusteer and NICE-Actimize, as well as government entities that include the Israel Ministry of Justice and the Israel Defense Force (IDF).

Doron Cohen, vice president, research and development. Doron previously led the architecture, design and development of enterprise solutions for Gemalto Identity Protection, where he drove the technology strategy and product innovation. Gemalto was acquired by SafeNet.

Unlike perimeter-based platforms that sit at the network's edge and act as a first line of defense against intruders, deception technology sits inside an organization's network and catches attackers that have slipped past traditional perimeter and endpoint solutions. As the threat landscape evolves and threats become smarter and more effective in bypassing traditional defenses, deception technology has emerged as an important and innovative approach to detecting advanced attacks inside the network.

Four Month Milestones
In addition to record sales, TrapX has accomplished significant platform milestones over the last four months:

  • John Muir Health customer win: John Muir Health, a leader in healthcare in the San Francisco Bay Area, selected TrapX DeceptionGrid to better fortify its network defenses
  • Momentum Partners Watch List: Silicon Valley-based Momentum Partners, who provide strategic and financial advisory services to Founders/CEOs and their Boards in cybersecurity, named TrapX to their Momentum Watch List for the third quarter of 2015
  • DeceptionTokens and Advanced IR Server: TrapX announced the release of DeceptionTokens™ and the Advanced IR (AIR) server. DeceptionTokens significantly expands the depth and breadth of DeceptionGrid by integrating an array of lures within existing IT endpoints and servers, and the Advanced IR (AIR) server extends and automates incident response, allowing security teams to quickly move from detection of a threat to effective response
  • Cyber Defense Magazine Award: DeceptionGrid was recognized as the 2016 Cutting Edge Deception Based Security Solution for the annual Cyber Defense Magazine Awards
  • SC Magazine Review: DeceptionGrid received positive marks in SC Magazine's February 2016 review of active breach detection solutions
  • InfoSecurity Product Guide Award: DeceptionGrid was named a finalist in the in the Deception Security category
  • SecureData partnership: SecureData, the leading end-to-end cybersecurity managed service provider specializing in threat intelligence, entered into a partnership to utilize DeceptionGrid as part of its expanding portfolio of managed services offerings

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About TrapX

TrapX Security is the leader in deception technology. Our solutions rapidly detect, analyze and defend against new zero-day and APT attacks in real time. DeceptionGrid™ provides automated, highly accurate insight into malware and malicious activity unseen by other types of cyber defense. We enable a proactive security posture, fundamentally changing the economics of cyber defense by shifting the cost to the attacker. The TrapX Security customer base includes Forbes Global 2000 commercial and government customers around the world in sectors that include defense, health care, finance, energy, consumer products and other key industries. Learn more at www.trapx.com.

About Strategic Cyber Ventures LLC

Strategic Cyber Ventures (SCV) is an investment fund which invests in cybersecurity product and service companies that are poised for broad impact in the marketplace. As an investment fund we provide top tier financial growth opportunities for early to mid stage cybersecurity companies through transformative strategic advisory and investment. Strategic Cyber Ventures serves as a steadfast partner leveraging our robust commercial and government networks to strengthen the opportunities for our portfolio companies. Our strategic program will address market security gaps with cybersecurity solutions before the competition. http://www.scvgroup.net 

Intel Capital, Liberty Israel Venture Fund, BRM Group and Opus Capital have supported previous investment rounds.