Israeli cybersecurity firm Illusive raises $24 million in private round

JERUSALEM (Reuters) - Illusive Networks, an Israeli cyber security firm specializing in “deception technology” said on Wednesday it raised $24 million in a funding round and that its revenue grew 228% over the past 12 months.

Participants in the financing round included Spring Lake Equity Partners, Marker, New Enterprise Associates, Bessemer Venture Partners, Innovation Endeavors, Cisco, Microsoft and Citi.

The funds will be used to accelerate the company’s growth driven by sales and marketing, as well as further investment and product enhancements for securing cloud workloads, said Illusive, which last month forged a partnership with Microsoft.

Illusive’s technology lures hackers by blanketing a company’s network with booby-trapped data. Once an intruder uses this deceptive data, the company’s security is alerted and the attacker can be removed from the system.

Reporting by Steven Scheer; Editing by Tova Cohen