Microsoft and Qualcomm Back Israel’s Cybersecurity Firm, Team8

US-based Microsoft and Qualcomm invest in an Israel based cybersecurity firm

Israel: The venture arms of Microsoft Corp. and Qualcomm Inc. have invested in an Israeli cybersecurity firm, Team8, which is engaged in pushing the formation, development and validation of cybersecurity start-ups.

The latest investment by Microsoft and Qualcomm in Team8’s “global cyber syndicate” has increased the company’s total raised funds to USD92 million. Its other investors include Cisco, AT&T, Accenture, Nokia, Singapore’s Temasek, Japan’s Mitsui, Bessemer Venture Partners, Innovation Endeavor, etc.

Team8 was established in 2014 and has a man force of 180 people in Israel, the US, Britain and Singapore. It plans to hire 100 more employs and to launch two companies in 2017. 

TechSci Research depicts that with the efforts been taken by great tech giants such as Microsoft and Qualcomm will help in minimizing the increasing cybersecurity threats across the globe, which will help in increasing the growth of Global Cybersecurity market.

According to a recent published report by TechSci Research, “Global Cyber Security Market By Security Type, By Solutions, By End Use Industry, By Region, Competition Forecast and Opportunities, 2011-2021”, global market for cyber security is projected to surpass US$ 137 billion by 2021. Growing trend of Bring Your Own Device (BYOD), rising adoption of cloud computing, expanding market for Internet of Things (IoT) are expected to continue driving the cyber security market across the globe over the next five years. Though the global cyber security market is highly fragmented, Symantec Corporation emerged as the largest player in 2015, followed by BAE Systems PLC, Intel Corporation and Cisco Systems. Banking, Financial Services and Insurance (BFSI); IT & Telecom; defense; energy & power; retail; and healthcare have emerged as the key application areas where cyber security solutions are being increasingly adopted.