Cybersecurity Upskilling Provider RangeForce Raises $20 Million in Financing New Investment Fuels Expansion of Human Cyber Readiness Platform
NORFOLK, VA
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March 06, 2023 11:00 AM Eastern Standard Time
RangeForce, a leading provider of scalable, cloud-based cyber defense upskilling solutions, announced the completion of $20 million in financing encompassing a Series B raise, which it will use to expand its product line. Energy Impact Partners and Paladin Capital Group led the latest round. Other investors were KPN Ventures, Lapa Capital Partners, and Lanx Capital with participation from Cisco Investments.
“This funding supports our vision to equip the modern diverse workforce with comprehensive cybersecurity upskilling solutions that enable organizations of all sizes to defend against cyber-attacks,” said Taavi Must, CEO of RangeForce. “Our mission is urgent in light of the global shortage of skilled cybersecurity professionals. RangeForce offers cyber defense training to frontline workers, who are the first line of defense in cybersecurity readiness, while providing management with valuable insights into their team's strengths and weaknesses.”
The RangeForce cyber defense upskilling solutions are available in three different tiers to meet an organization’s unique needs, all of which include real-world interactive exercises that simulate live attacks to better protect teams against current and emerging cyber threats. These offerings help cybersecurity professionals and operations teams continuously upskill employees, keeping their critical defense skills relevant against current threats while using their existing software tools.
“RangeForce’s cyber defense offerings fill a crucial gap in continuous cybersecurity upskilling today,” said Nazo Moosa, Managing Partner at Energy Impact Partners. “Organizations desperately need cutting-edge training to help them reduce cyber risk and retain critical talent. Our investment is rooted in the belief that RangeForce fits both needs exceptionally well.”
“As early believers in human cyber defense readiness, we are excited for RangeForce's next stage of growth as they continue to scale against this massive market opportunity,” said Gibb Witham, Senior Vice President at Paladin Capital Group.
RangeForce has experienced rapid growth with Fortune Global 2000 companies in a variety of industries, including finance, technology, and healthcare, and counts companies like Equifax, Barclays, and federal government entities among its customers. The growth comes as the cybersecurity skills gap continues to expand across all sectors. The 2022 Cybersecurity Skills Gap report by Fortinet found that 80% of organizations worldwide experienced a security breach that could be directly attributed to insufficient cybersecurity skills and awareness. The (ISC)² Cybersecurity Workforce Study in 2022 reinforced the scale of this challenge, stating that there are currently 3.4 million unfilled cybersecurity positions. The U.S. Bureau of Labor Statistics says demand for cybersecurity experts will rise 33 percent by 2030, much faster than the average increase for all occupations.
Rangeforce announced its official market launch in 2019. The technology was conceived in 2015 by co-founders Taavi Must, Jaanus Kink, and Margus Ernits, who met while working on a project to build out a Cyber Range and cyberattack simulations for the NATO Cooperative Cyber Defense Center of Excellence.
About RangeForce:
RangeForce empowers cyber defense readiness at scale. Refine individual and team capabilities against the latest threats with a continuous approach to cybersecurity skills development. See real threats in action and sharpen the skills needed to defend your organization with interactive modules, challenges, and team-based threat exercises that reflect the real world. Visit www.rangeforce.com to learn more.
About Energy Impact Partners:
Energy Impact Partners LP (EIP) is a global investment firm leading the transition to a sustainable future. EIP brings together entrepreneurs and the world's most forward-looking energy and industrial companies to advance innovation. With over $3 billion in assets under management, EIP invests globally across venture, growth, credit, and infrastructure – and has a team of over 80 professionals based in its offices in New York, San Francisco, Washington D.C., Palm Beach, London, Cologne, and Oslo. For more information, visit www.energyimpactpartners.com.
About Paladin Capital Group:
Paladin Capital Group was founded in 2001 and has offices in Washington DC, New York, London, Luxembourg, and Silicon Valley. As a multi-stage investor, Paladin’s core strength is identifying, supporting and investing in innovative companies that develop promising, early-stage technologies to address the critical cyber and advanced technological needs of both commercial and government customers. Combining proven investment experience with deep expertise in global security, cyber technology and cutting-edge research, Paladin has invested in more than 60 companies since 2008 and has been a trusted partner to investors, entrepreneurs and governments for over two decades. For more on Paladin Capital Group visit PaladinCapGroup.com.
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