Israeli cyber security company-creation platform Team8 has closed a $23 million strategic financing round. The financing adds AT&T, Accenture, Nokia, Mitsui, and Temasek to Team8’s existing investors Cisco, Alcatel-Lucent, Bessemer Venture Partners, Marker LLC and Eric Schmidt’s Innovation Endeavors to create an impressive cyber security syndicate. Quantum Strategic Partners also participated in the round. Co-founded by Nadav Zafrir, Israel Grimberg and Liran Grinberg, all veterans of the Israel Defense Forces Intelligence Unit 8200 (the equivalent of America’s National Security Agency), Team8 does not invest in cybersecurity companies, but creates them. The tel Aviv-based company launched 12 months ago with an $18 million financing round.
At Team8’s core is a research group with intimate knowledge of both offensive and defensive aspects of cyber security. By leveraging its research group, access to the best cyber talent, and a global network that gives Team8 companies access to customers, partners and key influencers, Team8 has reinvented the entire company-creation process. The result: a cyber innovation platform uniquely engineered to create category-leading cybersecurity companies that tackle the biggest problems in cybersecurity and help organizations reclaim the advantage over attackers.
Zafrir, a former commander of Unit 8200, said, “Cyber security is a global issue and collaboration is critical to maintaining an advantage over today’s highly innovative and motivated attackers. With the addition of our new strategic investors, we have not only created the world’s strongest cyber syndicate, but also the most diverse. We have teamed up with companies from the US, Europe and Asia who are at the forefront of technology, telecommunications, IT, infrastructure and professional services. Team8 and its investors are all committed to working together to fulfill our vision of building category-leading companies that challenge the biggest problems in cyber security.”
Since its launch in February 2015, Team8 established illusive networks and is on pace to found two more companies in 2016. illusive networks, a market leader in deception technology, recently announced a $22 million B Round of funding, led by NEA and including participation from Citi Ventures.
Published by Globes [online], Israel business news - www.globes-online.com - on February 23, 2016
© Copyright of Globes Publisher Itonut (1983) Ltd. 2016