Immersive Labs £53m investment boost for cyber security tech firm
BRISTOL software company Immersive Labs has secured $75m (£53m) in a Series C funding round.
The business, which has developed technology to help firms measure and improve cybersecurity, said it would use the cash to expand its international presence and triple its global headcount to 600 over the next two years.
The money will also be used to accelerate the delivery of the company’s new so-called Cyber Workforce Optimization platform and establish operations in Asia and Europe.
The funding round was led by new stakeholders Insight Partners alongside Menlo Ventures, Citi Ventures and existing investor Goldman Sachs Asset Management.
As part of the transaction, Ryan Hinkle, managing director of Insight Partners, will join Immersive Lab’s board of directors.
He said the company had established a “strong position” in the fast-developing cyber skills space.
“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,” said Mr Hinkle.
Immersive Labs, which has offices on Victoria Street in Bristol and in Boston in the US, has now received $123m in venture funding since it was founded in 2017.
According to chief executive James Hadley, the company has been growing at more than 100% year-on-year and counts organisations such as HSBC, Vodafone and the NHS among its customers.
He said cybersecurity knowledge and skills should “no longer” be the
This investment will allow us to add new analytical capabilities and content
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,” he explained.
“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 organisations, helping them measure and manage risk better.”
Venky Ganesan, partner at Menlo Ventures, said he was “excited” that Immersive Labs was able to solve a “massive problem” with its technology. He said: “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.”
James Hayward, managing director in the growth equity team at Goldman Sachs Asset Management, added: “[Immersive Labs’] 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.”
James Hadley, Immersive Labs