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Estonian startup scoops €5 million to combat growth in sophisticated cyberattacks


Estonia-based cyber range company CybExer Technologies has raised a €5 million funding to expand global operations and tackle global cyber security skills gap


Estonia-based cyber range company CybExer Technologies has raised a €5 million funding to meet market demand and expand its global operations to tackle global cyber security skills gap and the explosive growth in increasingly sophisticated cyber-attacks. The round was led by Karma Ventures who were joined by First Fellow Partners, Specialist VC and select angel investors with deep cyber security industry experience.

The NATO-awarded cyber range company with global customers spanning international defence organisations, financial institutions, and critical infrastructure enterprises, has developed a highly scaleable cyber range platform that supports both cloud and on-premise demands.

The platorm delivers NIST/NICE-compliant testing and evaluation, as well as seamless integration of highly complex industry-specific core business applications such as directory services, international transfers and payments, 5G, OT/SCADA, and mission critical systems in aerospace and defence.

Andrus Kivisaar, CEO of CybExer said: “We believe that our technology clearly meets the current market demand. With such features as on-demand library, operational technology, and visualisation tools, our platform is very well positioned to respond to customer needs. Now, we are excited to bring on board a group of investors whose expertise in cyber security and operational scale-up will be an enormous catalyst for growth.”

“We see cyber security as a fast-growing field, and are excited to elevate yet another deep tech company onto the world stage to make tackling these issues much easier. With this additional investment, we want to increase the startup’s market share and help make this cutting-edge technology accessible to a wider customer base globally,” said Margus Uudam, Founding Partner of Karma Ventures.

Risto Siilasmaa, the former Chairman of Nokia and Founder of F-Secure, who also led the funding by First Fellow Partners said: “There is no question that cyber range technology will play an important role in building cyber resilience globally and we want to be there when it happens.”

Founding Partner Gerri Kodres of Specialist VC, an early investor in the newest Estonian unicorn Veriff, and with stakes in Bolt, Monese, Starship said: “We are looking forward to contributing to getting the product out to more customers and helping CybExer grow and maintain its glogal leadership in cyber range technology.”

The platform is planning to significantly bolster its team in development, customer success and sales organisation and expand its global presence.

The company has a  a premier customer base in more than 30 countries and has hosted on its platform some of the largest multinational cyber security events. In 2021, the company completed the delivery of the Luxembourg National Cyber Range.


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