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Goldman Sachs leads $40m investment in British cybersecurity firm

A UK cybersecurity start-up has landed $40m of funding to boost its research and development and expand into America.

Bristol-based Immersive Labs secured the cash with funding from US investment banking giant Goldman Sachs and American investment house Summit Partners.

The firm uses online training, role-playing games and skills updates to keep boost cybersecurity skills among staff in large organisations, such as the NHS, BT, Aviva and Daimler.

The start up was founded in 2017, by former UK Government Communications Headquarters (GCHQ) cybersecurity instructor James Hadley.

 

‘Gamified experiences’

The firm said this “backing means we can continue to innovate our platform and create gamified learning experiences”.

The business has set up a US base in Boston, but added it will use “a share of this new investment will go towards growing our presence across the Atlantic and ensuring we have an unrivaled team to help us grow”.

The platform, which employs over 100 staff, said its year-on-year annual recurring revenue has jumped by 750 per cent.

 

‘Knowledge gaps’

Immersive Labs’ Hadley said: “Gaps in cybersecurity knowledge meaningfully increase risk to an organisation, creating vulnerability and presenting opportunity for attackers. The rapid, constantly evolving threat landscape has made traditional classroom training for cyber skills obsolete.”

Goldman Sachs previously invested $8m into the security firm in January.

James Hayward, from Goldman Sachs’ merchant banking division, added: “We are impressed with Immersive Labs’ achievements since our initial investment and see further growth potential as the team continues to execute on their vision and expand to new geographies.”

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Roger Baird is News Editor at Finixio. He has worked as a financial journalist for 20 years reporting on companies, capital markets and the UK economy.