SimSpace raises $45M for cyber training with tech stack simulation

SimSpace, a cybersecurity training startup, made headlines recently for securing $45M in a funding round. The round was led by L2 Point Management, bringing SimSpace's total funding to $70 million.

• Funding History: SimSpace was entirely bootstrapped until just two years ago.

• Revenue Projections: SimSpace is pacing well with its financial goals, set to achieve its annual recurring revenue target of $50M by the end of fiscal 2023, says William Hutchison, co-founder and CEO.

• High-Profile Clients: SimSpace, co-founded by Lee Rossey, has been contracted by significant entities like the U.S. Cyber Command and the FBI, along with national cyber defense teams in unnamed U.S.-allied countries.

• Origins and Mission: Born from U.S. Cyber Command, SimSpace was designed to simulate the IT production environments of companies and critical infrastructure for effective training.

• Safe and Effective Training: SimSpace offers a unique traffic-generation capability allowing security teams to train without disrupting vital operations in actual production environments.

With over 200 employees, the company plans to use the latest investment for modest headcount expansion and to "grow profitably". L2 Point managing partner Kerstin Dittmar expressed confidence in SimSpace's capabilities and its potential to continue serving a diverse customer base.