Estonian cyber security firm CybExer Technologies has raised €5 million in investment rounds. The company says it will use the capital to develop realistic cyber exercises for both private and public sectors during a tense cyber security, and general defense and security, situation.
The €5 million has been raised from both Estonian and Finnish investors.
CybExer Technologies CEO Andrus Kivisaar said: "Due to the increasingly complex and aggressive cyber attacks, there is a growing need around the world to increase cyber awareness and preparedness through exercises and training.
"Customer feedback shows that our training platform benefits both the private and public sectors thanks to our collection of realistic cyber attack scenarios, simple and convenient functionality and appearance. As demand for our products and services continues to grow, it is time to engage for the first time a team of investors whose knowledge of cyber security and the need for it around the world is a catalyst for CybExer's growth," Kivisaar went on, according to a press release.
Margus Uudam, founder and partner of Karma Ventures, one of the investors, said that: "Cyber security is a rapidly evolving field. Therefore, we are happy to help expand the global footprint of another Estonian high-tech company to make it much easier to solve cyber security problems."
Risto Siilasmaa, CEO of First Fellow Partners, said that his organization had been impressed by CybExer's team and tech, calling the company's plans to develop its solutions and increase market share "realistic and achievable."
CybExer estimates that today's cyber training market is over € 5 billion a year and is growing, while Kivisaar says the banking, insurance, telecommunications companies, local governments and academia sectors are among its customers, and that tech can be tailor made to an organization's needs.
These first investment round took place in January, when Karma Ventures, First Fellow Partners and Specialist VC signed up.
CybExer Technologies says it has clients in 30 countries worldwide and in 2018, the company won the NATO Innovation Award.
Last year, the company completed the supply of a cyber range to Luxembourg's Ministry of Defense.
Estonia as a whole is a front-runner in the cyber security sector, while the NATO Cooperative Cyber Defense Centre of Excellence (CCDCOE) has been located in Tallinn for nearly 14 years.
Editor: Andrew Whyte