Beersheva-based cybersecurity company Morphisec, which specializes in Moving Target Defense, has raised $12 million in a Series B round of funding. The round features new investor Orange Digital Ventures, the digital investment arm of Orange (Euronext Paris: ORA, NYSE: ORAN), as well as existing investors Jerusalem Venture Partners, GE (NYSE:GE) and Deutsche Telekom (XETRA: DTE).
Other investors in Morphisec are La Maison, Portage Partners, OurCrowd, Kodem Growth Partners and Evolution Equity Partners.
Morphisec’s patented Moving Target Defense innovation is the foundation of its Endpoint Threat Prevention solution, which quickly and simply prevents advanced threats for customers of all sizes globally.
According to Morphisec, its new approach to endpoint protection makes it the only solution that can protect during major operating system patching gaps (like those necessary based on the Spectre and Meltdown exploits) against zero-day attacks (e.g., WannaCry), fileless malware and more, all while providing significant operational and business benefits, including continuity across patch cycles without the need for updates, zero false positives and no performance degradation, support for endpoints and servers in physical, VDI and hybrid environments.
“Morphisec is successfully building a rapidly growing customer portfolio based on its truly unique prevention-based approach. We are thrilled to support the Morphisec team in their acceleration and global reach to fundamentally change cyber protection” said Yann Kandelman, Head of Investment at Orange Digital Ventures.
“Now is the time to invest in cybersecurity technology that is poised to dramatically hamper attackers' ability to operate and to enable organizations to succeed in eliminating advanced threats,” said Yoav Tzruya, JVP general partner and chairman of Morphisec. “As threats increase in scale and severity, alternative technologies don’t fully solve the challenges, while further increasing direct costs and are unable to fend off business continuity issues caused by zero-day threats. Our belief is that Morphisec is well-positioned to become the most critical protective layer in today’s rapidly evolving security stack.”
Morphisec achieved over 1000% growth in 2017, with its technology deployed on hundreds of thousands of endpoints. The company announced its Series A funding round in 2015, was named a Gartner Cool Vendor in 2016 and was recognized in 2017 by SE Labs with a 100% efficacy performance rate against every attack (evasive malware and exploits) detonated in the lab.
“We built Morphisec to become an essential part of every company’s security and IT operation, and to defeat attacks that other endpoint technology cannot,” said Ronen Yehoshua, CEO and president, Morphisec. “Our growth has been exponential and this funding will help Morphisec continue on that trajectory."
Morphisec is headquartered in Beersheva, with US operations in Boston. The company was incubated at Ben Gurion University’s Cyber Research Labs. It currently has 45 employees globally, and is hiring across all departments.
With the recent funding round, Morphisec plans to accelerate its business to deliver innovative cyber security products and services worldwide, focusing on North America, EMEA and APAC. The company has plans to grow its team across Engineering, Sales and Marketing. Last week, Morphisec announced the addition of HoneyTek and Decision Tree to its stable of North American resellers.
Published by Globes [online], Israel business news - www.globes-online.com - on February 19, 2018
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