Microsoft, Qualcomm back Israel’s Team8 cybersecurity firm

By Tova Cohen TEL AVIV (Reuters) – The venture arms of Microsoft and Qualcomm have invested in Team8, an Israeli creator of cybersecurity start-ups, as big multinational companies get behind Israel's burgeoning cyber industry in the face of growing threats. Team8, which also announced on Monday a strategic partnership with Citi to help develop its products, said the most recent investment brings its total raised to more than $92 million. Its other investors are Cisco, AT&T, Accenture, Nokia, Singapore's Temasek, Japan's Mitsui, Bessemer Venture Partners, Google executive chairman Eric Schmidt's Innovation Endeavors and Marker LLC. While the number of attempted cyber attacks was 20,000 a week two or three years ago, that figure had now risen to 600,000-700,000, said Yoram Yaacovi, general manger of Microsoft Israel's development center.

Original story here.

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