ThetaRay Closes 10M$ Series B Funding Round
General Electric, JVP and Poalim Capital Markets continue to support the company's growth, together with new financial investors
Tel Aviv, IL, DATE, 2014—ThetaRay, a leading provider of big data analytics solutions for advanced cyber security and operational efficiencies, has closed a new $10 million investment round. This B round includes the participation of existing investors General Electric (GE), Jerusalem Venture Partners (JVP) and Poalim Capital Markets, as well as new financial and strategic investors. The company plans to use the funding to establish its US-based business headquarters and further increase its global presence.
“We are continually impressed by ThetaRay’s ability to not only come up with breakthrough ideas, but to develop them into products that can bring real-world value to customers,” said Brett May, Head of Venture Capital and Business Development at GE Software. “The company’s unique security analytics, developed over ten years of innovative academic research, have the potential to change the face of intrusion detection as we know it today.”
ThetaRay has successfully transformed a decade of academic research into a solid analytical platform and threat detection solutions for the protection of critical infrastructure, financial institutions and other industry sectors. Requiring no rules, heuristics or signatures, the mathematically-based platform and layered solutions uncover zero-day attacks, hidden APTs, operational faults, fraud and other threats by simultaneously analyzing all security and operational data sources instantaneously, without having to introduce human or computational biases.
“It is a very exciting time for ThetaRay, as the demand for its products and technology is rapidly increasing”, said Mark Gazit, CEO of ThetaRay. “The market demand for solutions that can identify unknown threats has reached critical mass, and ThetaRay’s field-proven, breakthrough solution set is ideally suited to respond to the demand. The new investment round will help grow the company into a market leader in its domain and drive its international presence.”
“Ever since ThetaRay’s inception, JVP has believed in the tremendous inherent potential of both the company’s technology and its strong team,” added Yoav Tzruya, Partner, JVP Cyber Labs, the company’s founding investor. “Over the last 12 months, we’ve seen an overwhelming demand for implementing the company’s platform in a variety of use-cases. This demand, along with the field results and the over-subscribed round, are evidence of the great business opportunity encapsulated in the company’s offering and its ability to lead the category.”
ThetaRay is a leading provider of big data analytics platform and solutions for advanced cyber security and operational efficiencies, protecting the critical infrastructure and financial services markets against unknown threats. The company’s patented, award-winning platform automatically uncovers unknown cyber and operational threats, allowing customers to take action and avert disaster before any damage occurs. ThetaRay’s core technology is based on state of the art algorithms, which power its proprietary Hyper-Dimensional, Multi-Domain Big Data Analytics™ platform. Organizations whose operations rely on highly heterogeneous and complex environments leverage ThetaRay’s unmatched detection and low false positive rates as a see-all power that enables them to unify detection and defeat the unknown. Learn more at www.thetaray.com