TEL AVIV, Israel, January 9, 2017 /PRNewswire/ --
Team8, Israel's leading cybersecurity think tank and venture creation foundry, announced today it has added Microsoft Ventures and Qualcomm Ventures to its global cyber syndicate, signed a strategic partnership agreement with Citigroup to joins its syndicate, and raised an undisclosed funding round. These new strategic investors, partners and funding will help Team8 develop disruptive companies that address the biggest problems in cybersecurity.
Microsoft Ventures, Qualcomm Ventures and Citigroup join current Team8 cyber syndicate members Cisco, AT&T, Accenture, Nokia, Temasek, Mitsui, Bessemer Venture Partners, Eric Schmidt's Innovation Endeavors and Marker LLC. The companies in the cyber syndicate work closely with Team8 during the exploration, ideation and validation phases of its company creation process.
"Our global cyber syndicate is one of the strongest in the world. Adding the powerful brands of Microsoft Ventures, Qualcomm and Citigroup will dramatically improve our research capabilities and access to the world's biggest enterprises across a diverse arena of markets and industries," said Nadav Zafrir, Co-Founder and CEO of Team8 and former Commander of Israel's Technology & Intelligence Unit 8200.
"Israel's tech ecosystem is well-known worldwide for its innovation and creativity, and its expertise in cybersecurity truly stands out," said Nagraj Kashyap, Corporate Vice President, Microsoft Ventures. "Microsoft will work closely with Team8 to explore and research some of the major challenges the world is facing with cybersecurity today."
Mobile technology investor, Qualcomm Ventures, also joined Team8's latest strategic investment round and cyber syndicate. The two companies look forward to collaborating on new opportunities in the cybersecurity, data center and IoT sectors.
"Mobile devices are prolific and offer a wealth of convenience and essential functionality to consumers and enterprises throughout the world. This also means greater threats and security risks need to be mitigated via robust security design measures," said Quinn Li, Vice President and Global Head of Qualcomm Ventures. "Team8 is a world class cybersecurity organization and together we see a number of great opportunities on the horizon."
Citigroup has also signed a strategic partnership to join Team8's cyber syndicate. The two companies will collaborate to promote cyber innovation through an ongoing exchange of knowledge and insights as well as a design partnership relationship to co-innovate with Team8's portfolio companies.
"Security is critically important for Citi, and we are constantly on the lookout for real innovation," said Charles Blauner, Global Head of Information Security at Citigroup. By collaborating with Team8, we get access to research, new trends and innovation and Team8 gets a supportive framework to navigate the challenges of securing a large organization such as Citigroup. We are fortunate to be working with Team8's talented cybersecurity experts at our Israeli center to better secure our business from evolving cyber threats."
Team8 was founded by veterans of the IDF's Intelligence & Technology Unit 8200; Nadav Zafrir (former head of the unit), Israel Grimberg (former head of its cyber division) and Liran Grinberg (former distinguished officer). Since its launch in 2014, it 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.
During its first commercial year of operations in 2016, Team8's portfolio companies generated more than $22M in sales. Since its launch two and a half years ago, the group has raised more than $92M in funding, employs 180 people in Israel, US, UK and Singapore and intends to hire 100 additional employees in 2017.
Team8, Israel's most prestigious cybersecurity think tank and venture creation foundry, develops disruptive companies that challenge the biggest problems in cybersecurity today. The Team8 innovation process combines a research team with intimate knowledge of both offensive and defensive aspects of cybersecurity, access to the best cyber talent, and a global syndicate that provides access to customers, partners and key influencers. Team8 was founded by leading cybersecurity experts Nadav Zafrir, Israel Grimberg and Liran Grinberg, all with deep ties to Israel's famous IDF Technology & Intelligence Unit 8200. It is backed by Microsoft Ventures, Cisco, AT&T, Accenture, Qualcomm, Nokia, Citigroup, Temasek, Mitsui, Bessemer Venture Partners, Eric Schmidt's Innovation Endeavors and Marker LLC. For more information on Team8, please visit http://www.team8.vc
Matthew Krieger, GKPR for Team8