ThetaRay uncovers $10m series B

ThetaRay, an Israel-based cyber security startup, has closed its series B at $10m. The round included existing investors General Electric, Jerusalem Venture Partners and Poalim Capital Markets, who were joined by a range of undisclosed new investors.

Investor General Electric is a customer, as is Israel’s second largest bank, Bank Hapoalim.

ThetaRay’s technology makes it possible to detect anomalies in large data sets, whether these are financial anomalies or hacking threats. Its proprietary algorithms have been validated across multiple fields ranging from cyber security to process control and medical diagnosis. The product can be run either locally or in the cloud.

The technology is the result of seven years of research at Yale University, by professor Roland Coifman, and at Tel Aviv University, by professor Amir Averbuch. They co-founded the company in 2012.

Mark Gazit, chief executive at ThetaRay, said: “Our information security product helps enterprises identify unknown threats by analysing different streams of data from all around the organisation. Most of the IT systems implemented by power plants were state of the art 20 years ago – but nobody expected them to get online.”