# VMRay

Startup profile on Capital Atlas: https://capitalatlas.ai/startups/vmray

- Industry: Software
- Headquarters: Boston, US
- Website: www.vmray.com
- Total disclosed funding: $39M
- Latest round: Series B (Dec 17, 2022)
- Investors on record: 6

## About

VMRay Inc. is a US-based cybersecurity firm specializing in advanced malware sandboxing and phishing analysis, enabling organizations to effectively detect and respond to complex cyber threats.Founded in 2013 and headquartered in Boston, US, VMRay Inc. develops sophisticated cybersecurity solutions focused on malware analysis. The company has successfully raised USD 9.00 mn in Series B funding, led by Tikehau Investment Management, among others, to advance its product offerings. CEO Carsten Willems, who also co-founded the company, steers its strategic direction as it continues to grow.VMRay specializes in advanced cybersecurity solutions, primarily focusing on malware sandboxing and phishing analysis. Their core product offerings center around a sophisticated malware analysis platform that empowers organizations to detect, analyze, and respond to unknown and evasive cyber threats effectively. The VMRay sandbox technology employs advanced evasion techniques, such as process checks and anti-debugging measures, to simulate real-world environments, ensuring accurate threat assessments. The company serves a diverse client base, including prominent organizations across various sectors such as finance, healthcare, and technology, particularly in Europe and North America. VMRay's solutions cater to enterprise-level security teams by enhancing threat intelligence and automating security operations, thereby addressing the pervasive challenges posed by increasingly complex cyber threats.VMRay generates revenue primarily through a subscription-based model, providing organizations access to its advanced malware detection and analysis services. Clients typically enter into multi-year contracts, gaining ongoing access to the VMRay sandbox platform along with regular updates and support. The transactions are structured as B2B partnerships, where clients range from small to large enterprises, including notable brands in various industries. Specific pricing plans or costs for individual products and services are determined based on the client's needs, volume of usage, and the scope of services required. The company's flagship offerings, such as their malware analysis sandbox, are central to their revenue model, providing a consistent income stream as clients seek to bolster their cybersecurity capabilities against evolving threats.In December 2022, VMRay Inc. raised USD 9.00 mn in Series B funding led by Tikehau Capital, with participation from other investors. This funding will be utilized to expand their existing product portfolio and target additional market segments. The company aims to introduce upcoming products designed to enhance their malware analysis capabilities and expand into new markets, particularly in Europe and North America, by 2024.

## Funding rounds

- Series B, Dec 17, 2022, $9M — NRW Bank, eCAPITAL, High-Tech Gruenderfonds, Tikehau Capital, Grunderfonds Ruhr
- Series B, Dec 10, 2020, $15M — eCAPITAL, Yttrium
- Series B, Sep 12, 2019, $10M — eCAPITAL, Yttrium
- Series A, Oct 14, 2016, $3.9M — eCAPITAL, High-Tech Gruenderfonds
- Seed, May 16, 2014, $0.7M — High-Tech Gruenderfonds

## Investors

- High-Tech Gruenderfonds (https://capitalatlas.ai/funds/high-tech-gruenderfonds) — Seed, Series A, Series B
- eCAPITAL (https://capitalatlas.ai/funds/ecapital) — Series A, Series B
- Yttrium (https://capitalatlas.ai/funds/yttrium) — Series B
- NRW Bank — Series B
- Tikehau Capital — Series B
- Grunderfonds Ruhr — Series B