Microsoft Corporation (NASDAQ:MSFT) and QUALCOMM, Inc. (NASDAQ:QCOM) are the latest tech giants to offer validation to Israel’s booming digital defense with an investment in cyber security startup Team 8. The Cyber security think tank has also confirmed the signing of a strategic partnership with Citigroup Inc (NYSE:C) in an undisclosed funding round.
Team 8 Growing Prominence
The startup has already raised $92 million as firms continue to bet big on the team run by top veterans of the country’s digital intelligence unit. Team 8 has risen to prominence in the recent past over the fact that it does not invest in cyber security firms but instead develops them to tackle various cyber security threats.
The cyber security startup with its startup foundry has already spawned two startups having reiterated plans to come up with five new over the next year. Illusive Networks is the first standalone company to be developed by Team 8. The primary objective is to come up with fake data and planting them on corporate networks in a bid of fooling hackers and exposing them.
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The other spinoff dubbed Claroty specializes in securing industrial control systems mostly in power plants and industrial refineries. Two other cyber security startups are on the way with one set to specialize in preventing the spread of computer infections in the network. The second startup is to specialize in cleaning up any breaches that happen.
Team 8’s CEO, Nadav Zafrir says they agreed to Microsoft’s Qualcomm and Citigroup investment because it also provides the expertise they bring to the table given their individual areas operation.
“Our global cyber syndicate is one of the strongest in the world. 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, “said Mr. Zafrir.
Microsoft, Qualcomm and Citigroup will join a string of other U.S companies led by Cisco Systems, Inc. (NASDAQ:CSCO), AT&T Inc. (NYSE:T) and Accenture Plc (NYSE:ACN) that have already invested in the cyber security firm.
Microsoft was down by $0.20 in Monday trading session at $62.64 a share as Qualcomm rallied by $0.12 to end the session at $65.65 a share.