Israeli cyber security company Votiro Cybersec Ltd. has closed a $9 million (AUS$11.2 million) financing round from Australian investors including a fully underwritten placement of $6.6 million, which was oversubscribed, (including Daniel Sekers’ Divergent Group), as well as $2.4 million from Redfield Asset Management.
Founded in 2010 by CEO Itay Glick and Aviv Grafi, Votiro offers organizations 100% protection against Zero-Day cyber security threats. The Tel Aviv based company has seen global sales grow nearly 700% in the first half of 2017 compared with the first half of 2016.
Glick said: “We have seen some great results come in as we opened up the Asia Pacific market. We are now protecting more than 1.5 million users and we believe we have only scratched the surface. Customer profiles have also expanded globally with the likes of governments, defence, financial institutions, critical infrastructure, hospitals and stock exchanges using Votiro’s solution."
Votiro intends to use the funds raised for global expansion, building a broader presence in Asia Pacific and the US, and establishing headquarters in Australia. It will continue exploring the option of an IPO on Australia's ASX in 2018.
Glick said, “The decision to come to Australia is based on where we see the business going and the global climate. Australia is investing heavily in being a global player in cybersecurity and regionally it sits well with Asia Pacific as our fastest growing region and install base. "
The company is also actively seeking potential acquisitions that are complimentary to its solution. Glick said, “We are in an early growth phase. We are seeing the company grow rapidly and we want to maintain the momentum both through organic sales activities and carefully considered acquisitions. We are looking for companies that can complement our solution and increase total revenues."
Published by Globes [online], Israel business news - www.globes-online.com - on July 27, 2017
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