A cyber skills start-up in Bristol has raised $40million in a Series B funding round.
Immersive Labs, which is based on Victoria Street in the city, will use the money to support its expansion in the US.
The company has developed a platform that simulates cyber-security situations based on real-world attack techniques.
The idea is to help security specialists and businesses understand and guard against attackers in a safe environment.
James Hadley, Immersive Labs' founder, said: “Gaps in cybersecurity knowledge meaningfully increase risk to an organisation, creating vulnerability and presenting opportunity for attackers.
“At a time when cyber skills are stretched across the board, the Immersive Labs platform enables companies to identify these weak points and rapidly skill people to address them.”
The funding was led by equity investor Summit Partners and current investor Goldman Sachs.
Immersive Labs was founded in 2017 by James, a former GCHQ cybersecurity instructor, who wanted to transform the way companies acquire and use new skills.
The business now employs 100 people and has experienced a 750 per cent year-on-year increase in annual revenues since its launch.
The company recently opened a new US headquarters in Boston and is now planning to expand its operations further.
Antony Clavel of Summit Partners, said: “We believe Immersive Labs is well-positioned to become a global category leader in cyber skills development.”
James Hayward, from Goldman Sachs’ merchant banking division, added: “The platform is continually evolving to help address the gap in cyber skills that is impacting companies and governments across the globe.”
Immersive Labs’ platform is used by companies including British Telecom, Bank of Montreal, Citigroup and Goldman Sachs, as well as government bodies such as the NHS and London’s Metropolitan Police.
The latest investment follows an $8million funding round earlier this year.
