February 23, 2016 / 12:56 PM / 3 years ago

Israel's Team8 raises another $23 million for cyber security firms

TEL AVIV (Reuters) - Team8, an Israeli firm that creates cybersecurity companies, said on Tuesday it has raised $23 million from strategic partners, bringing the total amount raised so far to $40 million.

The latest funding adds AT&T, Accenture, Nokia, Japan’s Mitsui, and Singapore’s Temasek to Team8’s existing partners Cisco, Alcatel-Lucent, Bessemer Venture Partners, Marker LLC and Google executive chairman Eric Schmidt’s Innovation Endeavors.

Team8 was co-founded by three veterans of the Israeli army’s 8200 unit, the equivalent of the U.S. National Security Agency.

Accenture, a professional services firm, will work with Team8 to provide its clients with tailored cybersecurity solutions while Team8 and Nokia Bell Labs will collaborate on research initiatives to support telecom infrastructure.

Trading and investment firm Mitsui will work with Team8 to develop cybersecurity solutions for Japan, the second-largest security market outside of the United States. Investment company Temasek will help extend Team8’s reach into Asia.

Since its launch a year ago Team8 founded Illusive Networks, a provider of deception technologies, and plans to launch two more companies in 2016.

Team8 co-founder Nadav Zafrir said collaboration is critical to maintaining an advantage over highly innovative attackers.

Reporting by Tova Cohen

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