Bristol-based cybersecurity scaleup Immersive Labs has secured $66m (£59.7m) in a funding round led by Ten Eleven Ventures and bolstered its executive team with three new appointments.
Found in Bristol in 2017, Immersive Labs has created a cybersecurity training platform used by organisations to teach practical IT security skills. The company does this with realistic simulations and security assessments that measure the ability of clients to handle the latest digital threats.
It counts the likes of HSBC, Citi, Pfizer and Daimler among its clients.
The cash injection comes just two months after Immersive Labs cut 10% of its workforce, equivalent to 38 staff, as part of its plan to focus on “high-growth opportunities in proven markets” amid the wider tech downturn.
“Attracting new investment during a difficult time overall for the tech sector underscores the incredible demand for Immersive Labs’ disruptive, people-centric approach to cybersecurity,” said James Hadley, CEO of Immersive Labs and former analyst for British intelligence agency GCHQ.
“Proving cyber resilience has increasingly become a board and C-level consideration. Our customers rely on us because we offer a trusted and effective approach to upskilling and measuring team and individual cyber defence capabilities.”
Immersive Labs has also brought on three new people to the company’s executive leadership team. They are Sandra McDevitt, a former executive at Patreon; Lucian Lui, a marketing executive that’s worked with brands like Microsoft; and Dave Palmer, former chief product officer at Darktrace.
The latest funding round attracted investment from Goldman Sachs Asset Management, Summit Partners, Insight Partners, Menlo Ventures, and Citi Ventures.
“As we see more focus on proving cyber resilience across public and private sectors, Immersive Labs stands to play a key role in the future of cybersecurity,” said David Palmer, general partner at Ten Eleven Ventures.
“The company’s product innovation and strategic leadership hires further secure the company’s top position in the Cyber Workforce Resilience category.”
Immersive Labs previously raised £53m in a Series C funding round back in June 2021.