According to a new report from Reuters, Microsoft Ventures, Qualcomm and others have invested in Team8, an Israeli cybersecurity startup. The investment is just one of the latest from Microsoft Ventures, which previously put $20 million steaks at Tel Aviv University (TAU) to develop IoT technologies just one month ago.
Microsft Venture's investment comes at a time when there are growing cyber threats, according to Yoram Yaacovi, general manager of Microsoft Israel's development center. With the investment, nonetheless, Team8 plans to build a portfolio of different technologies. Other notable companies investing in Team8 include Cisco, AT&T, Accenture, Nokia, Singapore's Temasek, Japan's Mitsui, Bessemer Venture Partners, Google executive chairman Eric Schmidt's Innovation Endeavors and Marker LLC. In a statement made at a news conference, Nadav Zafrir, Team8 CEO reflected on what the investment means.
"A large part of companies created won't get to the finish line... The expectation of our investors is to build independent companies that will lead their sectors"
Team8 was launched in 2014 and currently employs 180 people in Israel, the United States, Britain, and Singapore, and there are more plans to hire 100 more workers in 2017. Two companies created by Team 8, include Illusive Networks, and Caroty, both of which are used to monitor attacks at banks and retailers, and critical infrastructure sites such as oil and gas fields. Microsoft has been an investor in Team8 since last June, Team8 revealed, and this latest round brings total investments to $92 million.