Nasdaq Ventures Backs Cybersecurity Startup Founded by Former Mossad Director

XM Cyber, a cybersecurity startup co-founded by retired Mossad Director Tamir Pardo, has raised a $22 million series A, the company announced Tuesday. The round was led by Nasdaq's investment program Nasdaq Ventures, with the participation of investors including Macquarie Capital, Our Innovation Fund LP, and UST Global. The round brings XM Cyber's funding to $32 million.

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Founded in 2016, XM Cyber's team includes ex-military cyber experts in offices in Israel, the U.S., and Australia. The company offers a cyber threat simulating platform that continuously monitors software and IT systems to detect potential attack paths.

XM Cyber, in a sense, performs a network MRI that identifies all the hidden paths that can be used by attackers to circumvent traditional cybersecurity measures, Cyber CEO and Co-Founder Noam Erez told Calcalist. The company’s technology also generates an automatic report detailing the weak spots and how to secure them, he said.

XM Cyber does not reveal its clients, but states they include leading financial institutes and critical infrastructure agencies in North America, Europe, Israel, and Australia. The company had paying customers since before existing stealth mode eight months ago, Erez said.

The company intends to use the funding to increase its global footprint.