Cyber Startup Team8 Raises $23M in AT&T-Backed Financing Round

Israel-based cybersecurity startup Team8 has generated $23 million in a second round of financing backed by investors that include AT&T, Accenture, Nokia, Mitsui and Temasek, Fortune reported Tuesday.

Robert Hackett writes Team8 raised a total funding of $41 million after the company received $18 million in 2015 in addition to the series B financing.

Nadav Zafrir, Team8 co-founder and CEO, said the cybersecurity foundry plans to launch five companies over the course of five years, according to the report.

Team8 already launched Illusive Networks, provider of deception systems meant to lure hackers through bogus network administrator credentials, Fortune reports.

“This strategic investment is key to not merely iterating, but innovating against today’s highly adaptive attacker,” said John Donovan, chief strategy officer and president of AT&T’s technology and operations group.