The Israeli cyber security think tank has also signed a strategic partnership with Citigroup and has now raised $92 million.
As reported in Globes:
Microsoft Ventures and Qualcomm Ventures have invested in Israeli cybersecurity think tank and venture creation foundry Team8. The Tel Aviv based company also announced today that it has signed a strategic partnership agreement with Citigroup to join its syndicate, and closed a funding round for an undisclosed sum.
Cofounded by CEO 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 in late 2014 with an $18 million financing round and raised a further $23 million last February. With the latest financing round, Team8 says it has now raised $92 million.
These new strategic investors, partners and funding will join current Team8 cyber syndicate members Cisco, AT&T, Accenture, Nokia, Temasek, Mitsui, Bessemer Venture Partners, Eric Schmidt’s Innovation Endeavors and Marker LLC. and help the Tel Aviv based think tank develop disruptive companies that address the biggest problems in cybersecurity. The companies in the cyber syndicate work closely with Team8 during the exploration, ideation and validation phases of its company creation process.
Since its launch in 2014, Team8 has announced the launch of two companies, illusive networks and Claroty, with several more companies currently operating in stealth. illusive networks specializes in deception technology used to detect targeted attacks, while Claroty’s industrial security platform secures and optimizes critical industrial infrastructure sites such as power grids, steel mills, chemical, food and beverage sites and oil refineries.
The recent investments underline Israel’s strengths in cyber security, and Australia can work to develop closer cooperation with Israel in this field.