SimSpace Raises $45 Million Led by L2 Point to Advance Cybersecurity Training Simulations

SimSpace secures $45 million in a funding round led by L2 Point Management to advance its cybersecurity training simulations. The company specializes in creating digital reproductions of enterprise tech and networking stacks. With a total raised capital of $70 million, SimSpace, previously bootstrapped, is on track to achieve its $50 million annual recurring revenue target by the end of the fiscal year 2023. The firm provides training to top U.S. banks, U.S. Cyber Command operators, and collaborates with the FBI and national cyber defense teams.

Founded in 2015 by William Hutchison and Lee Rossey, SimSpace originated from U.S. Cyber Command's joint tactical cyber training exercise, Cyber Flag. The company offers cyber practice and testing technology, a cyber learning curriculum, and an attack library to commercial sectors and government entities. SimSpace's unique traffic-generation capability allows security teams to measure and adjust the efficacy, recall, and precision of security solutions without disrupting actual production environments.

CEO William Hutchison notes that the funding will enable SimSpace, currently employing just over 200 people, to grow profitably and slightly increase its workforce. The high-fidelity cyber ranges provided by SimSpace have gained traction with leading companies and national cyber defense organizations. The funding will support the company's rapid growth and expansion, focusing on delivering military-grade cybersecurity skills to an increasingly sophisticated clientele.