One of Japan’s largest insurance company Sompo Holdings Inc. said on Monday it has partnered with two Israeli cybersecurity startups. The company last month expand into Israel with the launched of an innovation lab to focus on investments in technology startups.
The Israeli hub, the third of Sompo’s in the world after Tokyo and Silicon Valley aims to invest in the fields of insurance technology, mobility, health, eldercare, remote medical care, homecare, blockchain, internet of things (IoT) and cyber.
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The Tokyo-listed company partnered with Panorays Ltd., which provides an automatic system that mimics the way hackers utilize, to provide a holistic view of possible third-party security flaws. Panorays founded in 2016 by Demi Ben-Ari, Matan Or-El, Meir Antar. The company has raised a total of $5 million in one funding round.
Sompo also partnered with one more Israeli cybersecurity startup, but the company did not provide the latter’s details.
The company plans to invest in one to three startups in the first year and create collaborations with 5-10 companies.
The nation’s largest company in the field of geriatric medical and nursing services, Sompo operates internationally in more than 30 countries and reports 20 million customers.
Investments in Israeli startup done directly by Sompo, at sums of at least $5 million, or through a corporate capital venture established jointly by Sompo and U.S. venture capital firm TransLink Capital for investments of $1-$5 million.