Team8, the Israeli cyber security company has raised $23 million Series B round.
The company adds new funds from AT&T, Accenture, Nokia, Mitsui, and Temasek. Team8’s existing investors are Cisco, Alcatel-Lucent, Marker LLC, Bessemer Venture Partners. BVP brought industry security veteran David Cowan and Innovation Endeavors Alphabet (Google) Executive Chairman Eric Schmidt to create an impressive cyber security syndicate. Quantum Strategic Partners also participated in the round.
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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.
Team8 is a very unique creation: in part it is venture capitalist, part think tank and part startup incubator. 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.
