Israeli cyber security deceptive technology startup illusive networks has closed a $22 million Series B round of financing led by new investor New Enterprise Associates (NEA), one of the world’s largest venture capital firms. The round includes participation from new and existing investors Bessemer Venture Partners, Marker LLC , Citi Ventures, and Eric Schmidt’s Innovation Endeavors. Kittu Kolluri, General Partner at NEA will join illusive networks’ Board of Directors.
illusive networks CEO Shlomo Touboul said, “Today’s headlines confirm the need for a completely new approach to stopping cyber attackers. illusive networks creates a hall of mirrors where attackers can no longer determine what’s real and what’s false. Two funding rounds in a four-month timespan demonstrate the confidence prominent investors have in the superiority of illusive networks Deceptions Everywhere approach.”
Kolluri said “Established security approaches, such as perimeter defense and old school honeypots, are failing to protect networks. illusive networks has a uniquely innovative vision, scalable architecture, and some of the best security DNA out there. We are thrilled to partner with the team to take deception-based technology to the next level.”
The new funding will further fuel illusive’s global expansion investing in sales and marketing, as well as expanding the engineering and support teams for the company’s patent pending security deception technologies.
illusive networks is deployed across dozens of leading financial institutions, insurance, retailers, law firms, healthcare providers, energy and telecommunication companies in the US and EMEA. illusive networks’ detection by deception technology has identified numerous advanced targeted attacks that went undetected by other solutions, thereby securing its customers’ networks from Advanced Persistent Threats (APT).
Founded in June 2015, Tel Aviv-based illusive networks raised a $5 million Series A financing round from leading cybersecurity foundry Team8. In just four months, illusive has made a significant impact on the cybersecurity market and continues on an accelerated growth path.
Published by Globes [online], Israel business news - www.globes-online.com - on October 20, 2015
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