Press release from PR Newswire
ThetaRay Announces New Funding
Monday, August 05, 2013
ThetaRay Announces New Funding09:00 EDT Monday, August 05, 2013
GE Joins JVP as Newest Cyber-Security Investor
FAIRFIELD, Connecticut and JERUSALEM, August 5, 2013 /PRNewswire/ --
ThetaRay, an Israeli innovator in preventing Advanced Persistent Threats (APT) and Zero Day Attacks, announced today that GE (NYSE:GE) is joining Jerusalem Venture Partners (JVP) as an investor in ThetaRay (the "Company").
ThetaRay was founded by Professor Amir Averbuch of Tel Aviv University and Professor Ronald Coifman of Yale University. The Company's cutting-edge technology provides detection and prevention of APT and Zero-Day attacks on critical infrastructure, strategic installations, communications systems and major financial systems, leveraging patented algorithms.
"GE's efforts in Israel are a crucial step in a long and determined series of security efforts to safeguard our products. As the data proliferates, so will the opportunities to exploit it due to the interconnected nature of systems and machines. Theta Ray has a unique and innovative approach that can be used in the future to potentially help protect products and data. We look forward to collaborating with ThetaRay," said Brett May, Head of Ventures and Business Development, GE Software.
"We believe there is a unique business opportunity in the Israeli cyber-security sector, which combines high-quality human capital, significant investment by both the government and industry, leading academic centers, major multinational R&D centers, and a unique entrepreneurial culture that leads to innovative solutions," said Yoav Tzruya, Partner in JVP's Labs. "We have made it a priority to collaborate with major strategic partners like GE in order to allow our companies to benefit from early collaboration on product development, gain invaluable insights regarding their target markets and develop joint go-to-market strategies."
ThetaRay solutions have been successfully tested in major governmental and defense organizations as well as corporations. ThetaRay's technology has demonstrated an ability to quickly identify cyber-attacks, while simultaneously decreasing false alarms.
"ThetaRay has developed a game-changing approach, which can drastically improve the way we detect and prevent the most destructive and complex cyber-attacks, including attacks previously unnoticed." said Mark Gazit, CEO of ThetaRay. "By utilizing a multi-domain, hyper-dimensional analysis of Big Data, ThetaRay allows decision-makers to quickly identify cyber anomalies and threats, helping them avert significant, often irreversible damage."
About Jerusalem Venture Partners:
Jerusalem Venture Partners ("JVP") is a leading Israeli venture capital firm dedicated to building world class technology companies. JVP has raised over $900 million across eight funds since it was established in 1993 and was recently ranked one of the top-10 consistently performing VC funds worldwide by Preqin. JVP invests in Israeli companies and technologies in the areas of digital media, cyber security and storage. The fund has invested in over 95 companies to date and led 26 of them to substantial exits. JVP operates two incubators under the State of Israel's incubator program, in the areas of media and storage as well as cyber-security and big data. (http://www.jvpvc.com)
ThetaRay is a leader in the space of APT (Advanced Persistent Threat) and zero-day attacks detection and prevention. Founded by Professors Amir Averbuch (Tel-Aviv University) and Ronald Coifman (Yale), the company builds its product portfolio based on more than 7 years of academic research. ThetaRay's product detects malware that today goes undetected by other cyber defense products. The solution achieves unprecedented detection rates and very low false alarms. The Company's patented technology and algorithms are fully automated, unsupervised, do not need threshold settings, and do not rely on signatures or heuristics. The unique, field proven, solutions are relevant to several industries, such as telecommunications, critical infrastructure, financial services and defense.
Mark Gazit, CEO Theta Ray Ltd. email@example.com
Pnina Ben Ami, Director of Media Relations, JVP Tel: +972-2-640-9076 Cell: +972-50-6214186 firstname.lastname@example.org