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Estonia’s CybExer Technologies raises €5M to bring more flexibility to the cyber range market

Estonia's CybExer Technologies, a NATO-awarded cyber range company with global customers spanning international defence organisations, financial institutions, and critical infrastructure enterprises, has today announced a €5M funding round to meet market demand and expand its global operations in the face of a global cyber security skills gap and the explosive growth in increasingly sophisticated cyber-attacks.

The investment round was led by Karma Ventures who are joined by First Fellow Partners, Specialist VC and select angel investors with deep cyber security industry experience.

“We see cyber security as a fast-growing field, and are excited partner with a global deep-tech company that brings onto the world stage an innovation which makes tackling growing cyber threat easier,” states Margus Uudam, Founding Partner of Karma Ventures. According to Uudam, CybExer has already proven itself as a best-in-class cyber range solutions provider for top-tier customers. “With this additional investment, we want to increase its market share and help make this cutting-edge technology accessible to a wider customer base globally,” Uudam says.

“With such features as on-demand library, operational technology, and visualisation tools, our platform is very well positioned to respond to customer needs. Now, we are excited to bring on board a group of investors whose expertise in cyber security and operational scale-up will be an enormous catalyst for growth,” says Andrus Kivisaar, CybExer CEO.

CybExer Technologies has developed a highly scalable cyber range platform that supports both cloud and on-premise demands. The platform delivers NIST/NICE-compliant testing and evaluation, as well as seamless integration of highly complex industry-specific core business applications such as directory services, international transfers and payments, 5G, OT/SCADA, and mission critical systems in aerospace and defence. CybExer’s growing roster of clients includes some of the most demanding defence and commercial organisations around the world.

Cyber range market is growing rapidly

CybExer currently estimates the cyber range market to be above €5B annually and expanding as confirmed by the increasing customer interest. “We see new customers from banking, insurance, telcos, municipalities and academia,” Kivisaar explains. “One of the unique features that helps to meet this growing demand is our ability to provide the platform as an on-prem, through the cloud or as a hybrid solution. Our approach to customer experience ensures that the tools on the range are those used in everyday operations and that the environments meet each client’s actual requirements from the word go.”

“With its very experienced and ambitious founding team and already established partnerships, CybExer is well placed to aim for the leading position in the rapidly growing market for cyber ranges. We are very much looking forward to contributing to getting the product out to more customers and helping CybExer grow and maintain its global leadership in cyber range technology,” Gerri Kodres, founding partner at Specialist VC says.

CybExer is planning to significantly bolster its team in development, customer success and sales organization. The company will also expand its global presence.

Wish to know more about cybersecurity in Estonia? Read more here or send Invest Estonia a request for e-Consulting to be assigned a personal advisor who will help you with your business plan in Estonia.



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