Israel second to US for cyber-defender firms
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Israel second to US for cyber-defender firms

Israeli startups Argus, Indegy and Illusive Networks are among the promising security companies listed in CB Insights report

Illustrative photo of hackers in Tel Aviv taking part in a hackathon to develop cyber-security apps (Courtesy)
Illustrative photo of hackers in Tel Aviv taking part in a hackathon to develop cyber-security apps (Courtesy)

Israel has the second highest concentration of cyber-defense companies in the world after the United States, a new report shows.

The report by New York data firm CB Insights lists the nine most influential sectors of cyber-security innovation in 2017 and the 30 startups that have pioneering technology and the potential to shape the future of cyber-security.

The tech companies were assessed on a number of categories, including quantum encryption, deception security, automobile security, Internet of Things security, cyber insurance, mobile security, autonomous systems, critical infrastructure security and predictive intelligence.

Three Israel-based companies are mentioned in the report.

Argus, which has raised $30 million to date, protects private and commercial vehicles from cyber-attacks, whereas Tel Aviv-based Indegy, which has raised $18 million, according to the report, has created a software that protects critical infrastructures from cyber-attacks. Illusive Networks, specializing in cyber protection and the use of deception technology, has raised some $30 million from investors, including Microsoft Ventures and Bessemer Ventures.

The three biggest investors in cyber-defense firms in 2012-2016 were Bessemer Venture Partners, Google Ventures and Accel Partners, the report said.

Cyber security startups have raised $12.5 billion in 2012-2016 across 1,222 VC-backed deals globally, according to the report said. The amounts VC funds have invested in the sector has jumped from $1.32 billion in 2012 to $3.67 billion in 2015 and dropped to $3.1 billion in 2016, the data shows, with the largest share of the deals going to fund startups at early stages of development, at seed or Series A funding round.

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