Vicarius, a predictive cyberthreat provider, has raised $5 million in seed funding. Jerusalem Venture Partners led the round with participation from innogy Innovation Hub and Goldbell.
Tel Aviv, January 22nd 2020 –Vicarius, the predictive cyberthreat provider, announced today seed funding of $5 million. The funding round was led by Jerusalem Venture Partners (JVP), with innogy Innovation Hub and Goldbell also investing. The funding will accelerate the company’s international growth and operating scale, it will also build out Vicarius’ Tel Aviv and East Coast US offices, and its product offering, making it available to more clients across multiple industries.
The U.S. Department of Homeland Security estimates that 90 percent of security incidents reported are caused by exploiting defects in the code or design of software. In 2019 alone over 17,000 software vulnerabilities were discovered, amounting to a nearly 300% increase from a decade ago.
Founded in 2016, by seasoned cyber experts Michael Assraf, Roi Cohen and Yossi Ze’evi, Vicarius is the first cybersecurity platform globally to empower companies with proactive attack mitigation strategies for software vulnerabilities in real-time. Using Machine Learning, Vicarius’ proprietary Vulnerability Assessment (VA) technology detects exposures in software before hacks occur, and offers customers built-in, immediate solutions and prioritization tools in a functional ‘risk-snapshot’ dashboard to securely reinforce threat zones.
“Despite the increasingly sophisticated nature of cyberthreats and software weaponization, little has changed in over a decade in the management and ‘patching’ or upgrading systems against cyberthreats,” said Michael Assraf, CEO & Co-Founder at Vicarius. “Unlike current approaches that reactively map out potential threats based on pre-existing vulnerability data, Vicarius’ algorithm maps predicts vulnerabilities and potential zero-days based on live attack scenarios, offering an elimination pathway suitable for the zero-day malware era.”
Vicarius’ TOPIA technology patches vulnerabilities and also offers interim threat protection for target areas that have not yet directly been addressed, saving customers from the operational risks of reboots and the time it takes to patch latent security gaps. This pre-emptive approach is ideal for organizations with poor cyber hygiene as it ensures a clean and well-maintained network environment that is far less attractive for hackers to exploit.
Gadi Porat, Partner, Head of JVP Cyber Labswho joins the board with this round commented: “Vicarius’ platform, based on Machine Learning and Dynamic Binary Instrumentation, provides a defence from yet-to-be-discovered software vulnerabilities through a multi-step solution: discovering security loopholes, prioritizing threats and protecting systems. This new approach safeguards any software without involving the vendor or IT teams. After a decade of limited technological breakthrough in this field, Vicarius offers a pioneering solution to identify, manage and predict software vulnerabilities in a fast, efficient and cost-effective way and we’re delighted to be investing.”
“We are pleased to announce our investment in Vicarius. We are impressed by the team and the sophistication of their technology for Vulnerability Assessment and Management.” Christof Kortz,Head of Strategic Cyber Security Venturing at innogy Innovation Hub, commented: “This technology has the potential to safeguard the integrity of many industries, and it’s of growing strategic importance for the energy sector. As systems become increasingly software-enabled, complex and IoT connected and as decentralised energy paradigms gain popularity, security defence systems such as Vicarius that can scale across diverse and expanding infrastructures and networks represent the next generation of cybersecurity.”
Vicarius’ US team will be based out of the recently launched the JVP International NYC Cyber Center,which will play a vital role not only in protecting cities, banks, utilities, and healthcare systems, but also democracies, the integrity of information, and the freedom of the individual.
Vicarius is the first solution in the world to detect vulnerabilities in software before a hack takes place. The system uncovers known and yet-to-be-discovered threats, prioritizes them based on the business context, and automatically protects the software with or without installing security patches.
Amid growing cybersecurity risks, companies don’t have control over vulnerabilities in the software they buy. Vicarius’ approach to application protection is an innovative way to secure software without having its source code, installing a patch or involving the vendor. Vicarius was founded in 2016 by three Israeli entrepreneurs from the information-security industry and is headquartered in the JVP Media Quarter in Jerusalem.
About Jerusalem Venture Partners (JVP):
Jerusalem Venture Partners (JVP), was founded and led by Dr. Erel Margalit, is an internationally renowned venture capital fund and one of the leading cyber security investors out of Israel.
JVP has to date raised $1.4 billion across 9 funds, and has been listed numerous times by Preqin, and other rankings, as one of the top-ten consistently performing VC firms worldwide. JVP has built over 140 companies, leveraging a broad network of partners and market expertise to help companies become global market leaders. JVP has been chosen by Ney York City and EDC to lead the cyber security cyber huh in NYC and leads the cyber national center in Beer Sheva.
Among the pioneering firms of the Israeli venture capital industry, JVP has been instrumental in building some of the largest companies out of Israel, facilitating 12 Initial Public Offerings on NASDAQ including CyberArk Software (NASDAQ: CYBR, $4.7 billion mkt. cap.), QLIK Technologies (NASDAQ: QLIK, then $4 billion mkt. cap.) and Cogent Communications (NASDAQ: CCOI, $3 billion mkt. cap.) and more https://www.jvpvc.com/
About innogy Innovation Hub:
innogy Innovation Hub believes that new technologies, business models and consumption patterns will redefine the energy market of the future. We believe this future will be driven by four core global trends; decarbonisation, decentralisation, digitisation and democratisation. innogy Innovation Hub’s mission is to drive this vision for the future of energy by being a sector disruptor: by identifying the game-changing technologies, ideas, individuals and businesses that will help build that future, wherever they are, providing funding, mentoring and a platform for co-creation, collaboration and convergence.
The innogy Innovation Hub has created a €162m portfolio (as of December 2018) through investing in disruptive individuals, start-ups and early stage businesses, and has provided opportunities for nearly 90 start-up and scale-up companies to collaborate. It is headquartered in Berlin, with teams across Europe including in London, Warsaw and Essen, as well as offices in California (Palo Alto) and Israel (Tel Aviv).
The innogy Innovation Hub is funded by innogy SE, a leading German energy company, with revenues of around 37 billion euros (2018), around 43,000 employees as well as activities in 16 European countries and in new markets such as Australia, Canada and the USA. For more information visit: https://innovationhub.innogy.com