Talon Cyber Security has announced the closing of a $26 million seed round from several investors, among them Lightspeed Venture Partners and Team8 Capital. The company is developing cloud infrastructure-based cyber security technology designed to provide protection solutions for the hybrid work model to which the world has shifted as a consequence of the coronavirus pandemic.
The company's success in raising $26 million in its seed round is notable. The seed round takes place when the company's product is at the initial stages, when the entrepreneurs have shown proof of concept and that the money raised is for salaries and initial development Investment at this stage carries high risk.
The investment will be used by Talon Cyber Security, which was founded last February, to continue development and to expand its team in Israel. According to the Crunchbase Pro database, this is the largest seed round ever in Israel's technology industry.
Talon Cyber Security was founded by two entrepreneurs who served in the IDF 8200 intelligence unit, Ofer Ben-Noon and Ohad Bobrov. In 2013, Ben-Noon founded Argus Cyber Security, a developer of security solutions for vehicles. The company was sold to Continental of Germany for $430 million in 2017. In 2011, Bobrov founded Lacoon Mobile Security, which developed security solutions for mobile telephones, and which was sold to Check Point Software Technologies Ltd. (Nasdaq: CHKP) in 2015 for some $100 million. Bobrov subsequently served as VP of Enterprise Mobility at Check Point.
"The rapid and necessary switch to decentralized work based on cloud infrastructure has exposed enterprises large and small to new, substantial threats that cannot be dealt with by existing cyber security solutions," Ben-Noon said. "This unique and significant opportunity led Ohad and me to embark on this new exciting journey again, together."
Team8 founding partner Nadav Zafrir said, "The cyber industry is challenged by the growing pace of change and the consequences for the way on which enterprises operate. We are in close touch with hundreds of enterprises in a wide variety of businesses that are encountering difficulties in finding the balance between the evolution of the hybrid working configuration, which requires flexibility, and their information security needs. I believe that Talon's vision is a game-changer, and will become the optimal solution for the new world that obliges the industry to support flexibility and productivity alongside security."
Published by Globes, Israel business news - en.globes.co.il - on April 11, 2021
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