Israeli cyber security co SIGA raises $3.5m

Yaron Ashkenazi Photo: Tomer Yacobson

Canadian venture capital fund Awz Homeland Security made the investment in the Beer Sheva based startup.

Israeli cyber security company SIGA Data Security has raised $3.5 million from Canadian venture capital fund Awz Homeland Security.

Based in Beer Sheva, SIGA was founded in 2014 by entrepreneurs Amir Samoiloff and Ilan Gendelman. The company has developed process anomaly detection and cyber security technologies for critical industrial control systems and critical infrastructure operations in the world of OT.

Unlike other solutions on the market that focus on analyzing digital packets, SigaGuardTM monitors electrical signals and reports to operators on the status of industrial end-devices such as generators, turbines, centrifuges, pumps, valves and more. SigaGuardTM employs machine learning and behavioural analytics to detect anomalies in real-time, whether caused by a technical malfunction or a cyber-attack.

Awz Homeland Security Fund founder and CEO Yaron Ashkenazi said, “We are continuing to invest in Israeli startups with a particular focus on cyber security, intelligence and physical security. Our Fund chose to invest in SIGA due to our belief in the entrepreneurial capabilities and technical skills of its founders and our high degree of confidence in their SigaGuardTM technology’s ability to address a growing demand for cyber security in the world of Operating Technology (OT). Cyber-attacks are being carried out more and more frequently, targeting strategic facilities and critical infrastructure across the globe. We are convinced that the solution SIGA offers reflects groundbreaking technological progress. As part of the agreement, the Awz HLS Fund, along with SIGA, will establish a joint subsidiary in North America which will have the exclusive North American rights to distribute the SigaGuardTM technology”.

Awz has previously invested in Israeli cyber security company Octopus.

SIGA has previously secured seed money from the Office of the Chief Scientist of Israel in collaboration with Horizon GreenTech Ventures, a joint venture fund between Alstom (now General Electric) and Rotem Industries Ltd.

Adv. Etti Koren, of Koren - Grodberg & Co. Law Offices, represented the Awz HLS Fund. SIGA was represented by Horn and Assoc. Law Office.

Published by Globes [online], Israel business news - www.globes-online.com - on September 7, 2017

© Copyright of Globes Publisher Itonut (1983) Ltd. 2017

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Yaron Ashkenazi Photo: Tomer Yacobson
Yaron Ashkenazi Photo: Tomer Yacobson
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