November 8, 2018 / 5:04 PM / 9 days ago

Israeli cybersecurity firm Coronet partners with Dropbox

FILE PHOTO: The Dropbox app logo seen on a mobile phone in this illustration photo October 16, 2017. REUTERS/Thomas White/Illustration/File Photo

TEL AVIV (Reuters) - Coronet said on Thursday it has entered into a partnership with Dropbox (DBX.O) that is expected to bring the Israeli cybersecurity firm millions of new users for its data breach protection platform.

As part of the partnership, Coronet said it will complement Dropbox’s own security features with the integration of its platform, which detects and blocks suspicious behavior.

Coronet focuses on small-to-midsize businesses. “We believe this market is underprotected because it can’t afford enterprise-grade security and even if it could, it can’t manage it because it’s complex,” co-founder and Chief Information Security Officer Dror Liwer told Reuters.

Coronet, which partners with Lenovo among others, has about 1.5 million users.

The Dropbox partnership will “probably brings millions of new customers for the company,” who will pay an additional $2.00 a month to get Coronet’s offering, Liwer said.

Coronet has raised just under $20 million and its main investor is Jerusalem Venture Partners (JVP). Ashton Kutcher’s fund Sound Ventures also invested. The company plans a new round of funding in the spring of 2019.

“We need more money to fund growth,” Liwer said.

Reporting by Tova Cohen; Editing by Steven Scheer

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