Cyberbit has become the latest Israeli cybersecurity company to land investment after collecting $30m from Claridge Israel.
The company said the investment will be used to accelerate growth, and accommodate the demand for its Cyberbit Range product and its entire security portfolio. It plans to expand sales and marketing, primarily in North America, boost product development, and enhance customer and partner support.
To tackle the ever-growing global cybersecurity skill shortage, Cyberbit, a subsidiary of Elbit Systems, uses hyper-realistic simulation to train and assess cybersecurity experts.
It also offers Security Orchestration, Automation and Response (SOAR), Industrial Control Systems (ICS) security, and Endpoint Detection and Response (EDR), either as standalone products, or jointly.
Cyberbit’s portfolio helps security operations ‘do more, with less’, by reducing alert volumes, accelerating incident response, consolidating security technologies and seamlessly managing multi-vector IT to OT attacks.
“Cyberbit’s growth in just three years has been remarkable,” said Rami Hadar, managing director at Claridge Israel. “This growth is driven by a unique product portfolio that addresses several of the most pressing industry problems, a solid go-to-market strategy and a highly capable team that is executing successfully and creating a leadership position in several markets. Claridge Israel is proud to partner with a reputable, leading organization such as Elbit Systems, and we look forward to working alongside Cyberbit’s management team to support the company’s next growth phase.”
Claridge Israel is a partnership between Caisse de dépôt et placement du Québec (CDPQ), a institutional investor with net assets of over $230bn, and Claridge, the Stephen Bronfman Family Office. As part of the funding, Oded Tal, managing partner of Claridge Israel, will join Cyberbit’s board of directors.
Last month, The KELA Group, an Israeli provider of advanced cyber intelligence software and solutions, landed $50m in fresh funding. The investment came from San Francisco-based Vector Capital, marking the first institutional funding received by KELA in its nine-year history.
Israeli startup Vulcan Cyber also recently closed a $4m seed funding round to eliminate the vulnerability remediation gap that exposes enterprises to cyber risk. The funding was led by YL Ventures with participation from additional cybersecurity and enterprise software investors, including Giora Yaron, chairman of the executive council of Tel Aviv University.
Copyright © 2018 RegTech Analyst
Copyright © 2018 RegTech Analyst
