TrapX Security Inc, deception-based cyber security firm has raised $9 million in Series B round of funding led by investors Intel Capital and Liberty Venture Capital along with existing investors BRM Group and Opus Capital.
Based in San Mateo, California, TrapX focuses to move its customers to a proactive posture when it comes to cyber-attacks, though the way it claims is fundamentally a modern way of handling an issue by changing the economics of cyber defense by shifting the cost of the attacker. The company has the ability to quickly detect, analyze and defend against new zero-day and APT attacks in real time, with its DeceptionGrid product that is automatic, highly accurate insight into malware and malicious activity which is not detected by other cyber defense products. The startup’s clientele includes Forbes Global 2000 commercial and government customers around the world in fields like defense, healthcare, finance, energy, consumer products and other key industries.
“We are solving the ongoing problems that companies, executives and boards are having when they are breached, giving hackers access to financial information and intellectual property. Companies are losing this info it puts them at risk for financial loss,” said the CEO of the company Greg Enriquez. “TrapX solves attacks that get beyond the perimeter, behind network defenses and we do it with tech that uses deception as a premise. We copy systems, trap attackers and help customers with protection and remediation.”
He added, “You can’t read the news today without learning about another significant breach on a major institution. Target, Sony, Anthem and most recently our own government are having a difficult time retaining control of their data. As a result, leading enterprises are looking at alternative approaches to traditional network perimeter security solutions,” in a statement. “And that’s where our deception technology shines. Unlike perimeter-based platforms that act as a first line of defense against intruders, but sit at the network’s edge, deception sits inside an organization’s network and is able to catch bad actors who have slipped past traditional perimeter and endpoint solutions.”
With the new investment into the company, it plans to expand and grow across the business, spanning the development of deception technology, hiring of engineering and marketing talent and boost the sales initiative globally. The employee team is expected to increase by 40% all over the world in the coming year to meet the increase in customer demand. Totalling the current funding along with the previously raised $5 million round, it adds to $14 million.
“Today we are leader in deception technology. We have built our emulations, and perfected our deception technique. We want to keep adding more offences like this, so we can find out why and how companies are being attacked, increase interaction with him and find out how long we have to hold them to learn more about them, ” said Enqiruez.
It has integration with three sandboxes including McAfee.