Picus Security, a breach and attack simulation (BAS) platform provider, has secured $5 million in Series A funding led by EarlyBird Funding. The Series A funding comes after Picus previously raised $1.7 million in financing from ACT Venture Partners.
Picus plans to use the Series A funding to accelerate its worldwide expansion, according to a prepared statement. The company also is looking to extend its reach in the global BAS market.
Investor activity in the BAS market has been steady. For instance, ReliaQuest, a cyber threat response and security solutions provider, this month acquired BAS company Threatcare for an undisclosed sum. Furthermore, Threatcare CEO and founder Marcus J. Carey has joined ReliaQuest's office of the CTO as part of the acquisition.
ReliaQuest intends to integrate Threatcare cyber attack simulation capabilities into its GreyMatter cyber threat response platform, the company said. Threatcare cyber attack simulation capabilities are expected to be available to ReliaQuest customers early next year.
BAS: Here's What MSSPs Need to Know
BAS technology automatically runs simulated cyber attacks to measure the effectiveness of an organization's threat prevention, detection and mitigation capabilities. In doing so, BAS technology helps organizations automate penetration testing and quickly identify security vulnerabilities.
Global automated BAS market revenues are projected to increase at a compound annual growth rate of 40.2 percent from 2019 to 2024 and could be worth approximately $724 million by 2024, industry analyst MarketsandMarkets stated. Also, the increasing demand for security tools that provide continuous testing, continuous monitoring, continuous security controls, attack readiness, on-demand simulations and security ratings are among the factors that could drive this market's growth.