Microsoft, Qualcomm, and Citigroup have made an investment in an Israeli startup facility set up by three former members of the Israeli Defence Force (IDF).
Team8, founded by Nadav Zafrir, Liran Grinberg, and Israel Grinberg, announced on Monday that it has received an undisclosed investment from the corporates that it will use to help it develop its portfolio of cybersecurity startups.
A Team8 spokesman refused to be drawn on the figure but it’s likely to amount to tens of millions of dollars.
The startup backer, which describes itself as cross between a venture capital firm, a think tank, and a startup incubator, has already raised $92 million (£75 million) for its “syndicate.” Other organisations that have previously invested money in Team8 include Cisco, AT&T, Accenture, Nokia Temasek, Mitsui, Bessemer Venture Partners, Eric Schmidt’s Innovation Endeavours, and Marker LLC.
“Our global cyber syndicate is one of the strongest in the world,” claimed Zafrir, CEO of Team8 and former commander of Israel’s illustrious technology & intelligence unit 8200, which is essentially the nation’s cyber spy agency. “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.”
Read the full article by Sam Shead at Business Insider Australia.