Team8, the Israeli “foundry” for building and developing new companies in the cybersecurity space, has raised $23 million in funding from high profile investors AT&T, Accenture, Nokia, Mitsui, and Temasek.
Quantum Strategic Partner also participated in this strategic funding round. They join previous investors like Alcatel-Lucent, Bessemer Venture Partners, Cisco, Innovation Endeavors, and Marker LLC.
Team8 and its partners will be focused on working with entrepreneurs and building better cybersecurity companies, according to co-founder Nadav Zafrir, who is a former commander of Israel’s Technology & Intelligence Unit 8200, essentially Israel’s NSA. Zafrir is joined by co-founders Israel Grimberg and Liran Grinberg.
“With the addition of our new strategic partners, we have not only created the world's strongest cyber syndicate, but also the most diverse. We have partnered with companies from the United States, Europe and Asia who are at the forefront of technology, telecommunications, IT, infrastructure and professional services,” he said.
Team8 provides a platform for entrepreneurs to access its research group, both in offensive and defensive cybersecurity, and a global network of potential customers and partners.
Accenture, one of its latest investors, will be working with Team8 on research and development. “Through our unique model of collaborative R&D, we will bring together capabilities across our global network of Accenture Technology Labs and our technology ecosystem to develop breakthrough solutions to help clients adapt in a sophisticated threat landscape,” said Paul Daugherty, Accenture CTO.
Meanwhile Nokia and AT&T will assist in devising strategies for the telecommunications industries and the investment from Japan’s Mitsui and Singapore’s Temasek investment will aid the Israeli company’s push into Asia. Japan for example is the second largest security market other than the US.
Team8 was founded in February of last year and launched its first company later that year, illusive networks, headquartered in Tel Aviv. It plans to launch two more companies this year specialising in industrial security and incident response.