Israeli disinformation detection company Cyabra Strategy Ltd. has signed a definitive agreement for a SPAC (special purpose acquisition company) with Trailblazer Merger Corporation (Nasdaq: TBMC). When the deal is completed by no later than the first quarter of 2025, Cyabra will list on Nasdaq. The transaction values Cyabra at a total enterprise value of $70 Million at signing.
Cyabra was founded in 2017 by CEO Dan Brahmy, Yossef Daar and Ido Shraga, all veterans of IDF intelligence units. The company has raised a total of $12.3 million from investors including Founders Fund, OurCrowd, Capital Y Management, Red Forest Ventures, Summus Group, Harpoon Ventures, Alabaster, and TAU Ventures.
The company has developed technology that identifies illicit bot campaigns and provides tools on social media to combat the bad actors in the ongoing fight to restore trust in the digital realm. Cyabra has been employed by 19 governments and Elon Musk commissioned Cyabra to analyze the level of bot activity on Twitter prior to his acquisition of the platform.
Brahmy said, "Our proprietary technology, developed by senior veterans from the Israeli special operations command (SOCOM), allows us to use sophisticated algorithms and advanced data analytics to determine when automated bots are being used to spread lies across social media platforms. We have corporate customers and governments worldwide using our product today to identify when an attack is occurring, providing them with the information needed to mitigate or even prevent any damage and protect their citizens and brands from the increasingly sophisticated spread of disinformation."
Trailblazer CEO Arie Rabinowitz added, "It is becoming increasingly evident that the tremendous rise of social media in our daily lives has created a complex set of challenges. The proliferation of bad actors coupled with automated content creation and distribution tools that are easily accessible, including generative AI and bot accounts, has made the intentional dissemination of disinformation progressively worse. Cyabra presents a technology that governments, security agencies, and international enterprises are implementing to detect and monitor these threats. We are excited to present Cyabra to the public markets and look forward to supporting the company’s growth."
Cyabra board member and former US Secretary of State Mike Pompeo said, "Cyabra's efforts are not only safeguarding our digital realm, but also strengthening the foundations of free and fair discourse. Cyabra’s contributions are invaluable in the fight against malicious actors who seek to undermine our democratic institutions."
Published by Globes, Israel business news - en.globes.co.il - on July 24, 2024.
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