SimSpace, a startup that provides realistic cyber simulations for security teams, has secured $45 million in a funding round led by L2 Point Management. The company, which was bootstrapped until 2021, has now raised a total of $70 million.

The investment comes as SimSpace is on track to reach its $50 million annual recurring revenue goal by the end of 2023, and is expanding its customer base in both the private and public sectors. SimSpace’s clients include the U.S. Cyber Command, FBI, four out of the top five U.S. banks, and several national cyber defense teams.

SimSpace was founded in 2015 by former U.S. Cyber Command officials William Hutchison and Lee Rossey, who developed a technology to create digital replicas of real-world IT environments for cyber training and testing. SimSpace’s platform allows security teams to practice and evaluate their skills against a variety of cyber threats, without affecting their actual networks.

SimSpace plans to use the new funds to grow its team and enhance its platform, which it claims is the only one to offer high-fidelity cyber ranges with traffic-generation capabilities. L2 Point’s Kirsten Dittmar praised SimSpace’s “military-grade” technology and said the firm was impressed by its traction and growth.

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