Microsoft, Qualcomm Invest in Israel-Based Cybersecurity Incubator Team8

Israel-based cybersecurity startup creator Team8 has secured investments from Microsoft‘s and Qualcomm‘s venture businesses, Reuters reported Monday.

Tova Cohen writes that Team8 has raised more than $92 million so far and entered a strategic partnership with Citigroup to develop the former’s products.

Team8 was founded by a group of military veterans who also seek to establish two new companies in 2017 in addition to existing startups Illusive Networks and Claroty, which generated $22 million in sales during 2016, according to a report by Bloomberg’s Gwen Ackerman.

Nagraj Kashyap, corporate vice president at Microsoft’s venture arm, said the company will partner with Team8 to research cybersecurity challenges.

Qualcomm intends to collaborate with Team8 to address risks posed by the use of mobile networks to manage finances while Citigroup will design and develop platforms for enterprises, close product gaps and discuss emerging threats with the Israeli company, according to Bloomberg.

Nadav Zafrir, Team 8 co-founder and CEO, said investors expect Team8 to create independent companies that will lead their sectors.

Other Team8 investors include Cisco Systems, AT&T, Accenture, Nokia, Temasek Holdings, Sumitomo Mitsui Financial Group and Innovation Endeavors and Marker.