Cyber Security Innovator Morphisec Raises $7m in Series A Funding Round
GE Ventures and Deutsche Telekom joining founder investor JVP
Be’er Sheva, Israel, October 6, 2015: Morphisec, a leading developer of cyber security prevention and detection tools, today announced the closing of a $7 million Series A funding round led by JVP (Jerusalem Venture Partners), GE Ventures (NYSE:GE), Deutsche Telekom (XETRA: DTE), Portage Advisors llc., and OurCrowd.
With hackers constantly finding creative angles to attack corporations, the security industry needs a new, proactive approach. Morphisec’s patented suite of security defense tools protects enterprises against targeted and zero-day attacks utilizing the concept of polymorphism — in other words, by turning attackers’ tactics back on themselves. This innovative security method provides enterprises the ability to detect attacks earlier than ever before, to block them, and to create fingerprint information of attacks.
The company was launched in 2014 in JVP Cyber Labs in Be’er Sheva, based on patented technology originating out of Ben-Gurion University of the Negev, and will come out of stealth mode in Q4/15. Proceeds of the round will be used to launch Morphisec’s flagship product and expedite the growth of marketing and sales in North America and Europe.
“The strategic investment by GE Ventures, Deutsche Telekom and other leading financial groups demonstrates the value of our unique cyber security offering for a broad range of environments, from endpoints to servers, gateways and to cloud security,” said Ronen Yehoshua, Morphisec’s CEO. “We are already seeing great traction with enterprises and global channels, and this investment will allow us to expedite the sales and marketing of our flagship product in the US and Europe. We look forward to sharing more details about the solution in Q4 when we officially come out of stealth.”
“By turning attackers’ tactics back on themselves, Morphisec provides a game-changing technology in the enterprise security segment. It provides a unique offering that fulfills a major market need for protection against both known and zero-day attacks,” said Yoav Tzruya, Partner at JVP. “The market is over-saturated with detection technologies that are less-than-perfect in their detection rates and entail significant run-time and management overhead for enterprises. Morphisec offers just the opposite. We see the company’s early customer adoptions as a testament to the strength of the Israeli cyber-security sector and the innovation that drives it.”
“As millions of machines are connected to the Industrial Internet platforms, application security against targeted attacks is critical,” said Brett May, Head of Ventures and Business Development at GE Digital. “Morphisec assists companies that run highly sensitive industrial equipment to secure their assets with minimal performance penalties or operational disruptions. We are excited to support Morphisec and its continued product innovation.”
“We come across a lot of new technologies and are always willing to ‘kick the tires’ to find out if it can live up to its hype. As part of our due diligence, our team has tested the Morphisec product and found a very stable, unobtrusive, simple and effective solution. We threw at it every exploit we had, and it detected them all, with no false positives,” said Thomas Tschersich, Head of IT Security at Deutsche Telekom. “We believe our investment will help Morphisec accelerate its coverage and footprint for desktop, server and cloud environments.”
Emerging from the national cyber security center, and some of the sharpest cyber security minds in Israel, Morphisec offers unique, instantaneous and deterministic detection and arrest of zero-day and known attacks, combined with rich contextualized forensics. Morphisec is planning to come out of stealth mode in Q4/2015.