Cyber security co CyberX raises $2m

Glilot Capital Partners led the funding that will be used to develop technology to protect industrial Internet networks.

Cyber security company CyberX has raised $2 million in initial funding led by Glilot Capital Partners together with Swarth Group led by Shaul Shani, GlenRock founded and owned by Leon Recanati, and angel investor Gigi Levy-Weiss.

The funds will be used to further develop CyberX's innovative technology, which protects industrial Internet networks in such sectors as energy, gas and oil, manufacturing, healthcare, and others.

CyberX CEO and co-founder Omer Schneider said, "Unfortunately, every digital system is susceptible to attacks. The outcome of a cyber-attack in the case of infrastructure and energy manufacturers doesn’t just add up to financial and reputational damages. The consequence is destructive, for example, hackers can now take down an entire power grid. It is already happening. In the energy sector, it ranges from ordinary attacks that occur daily, to the most sophisticated attacks, such as Stuxnet on Iran's Nuclear Plant".

Glilot Capital Partners managing partner and co-founder and CyberX board member Kobi Samboursky said, "Protection of industrial Internet networks is the next step of cyber innovation. CyberX is a great example of a new breed of cyber innovation in this emerging space. The combination of a truly basic need of the emerging Industrial Internet, and exceptional technology created by talented founders with a unique background in cyber-security, is what makes this company a real game-changer."

Glilot Capital Partners managing partner and co-founder and CyberX board member Arik Kleinstein said, "We believe that Israel has been and will continue to be a valuable source of innovative cyber security companies and that the technical expertise and background of CyberX's founders will help the company face the complex challenges in this new domain"

CyberX aims to be a key player in the protection of the Industrial Internet. CyberX seamlessly collects data from all around the network and passes it to its backend servers, where Big Data and Machine Learning are utilized to create real understanding of the operational behavior of the network. "The deeper you understand the behavior of a power grid for example, the better the odds that you will detect something is wrong" said Schneider.

CyberX is a graduate of UpWest Labs the Silicon Valley based accelerator for Israeli start-ups. The company was founded in 2013 by Schneider and CTO Nir Giller.

Published by Globes [online], Israel business news - - on June 5, 2014

© Copyright of Globes Publisher Itonut (1983) Ltd. 2014

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