Israeli cyber company Morphisec, developer of a breakthrough solution for securing endpoints and cloud servers using the unique method of "moving target defense", which gets ahead of the attacker and prevents attacks before they are created or begin, announced that it has raised $31 million, led by the JVP fund.
The other investors who participated in the round included Orange, Deutsche Telekom Capital Partners and OurCrowd. The financing is intended for extensive recruitment of workers, increased investment in marketing and sales, expansion of the technological development of the company's products, and increased value for mid-sized companies via Morphisec's easy-to-manage, cloud-based automatic threat prevention system, intended for endpoints in the organization and in the cloud.
The investment will also support a major recruitment of workers that the company is planning as part of its expansion of operations in Israel and the U.S. In addition, as part of the process of recruiting quality manpower in all levels of the company's operations, Morphisec announced the appointment of Steve Bennett to its board of directors. Bennett previously served as CEO of leading software and security companies, including Symantec and Intuit. Before that, Bennett spent over 20 years at General Electric in multiple executive management roles.
“Midsized enterprises are historically underserved by the cybersecurity market and left behind by cost-prohibitive tools and staff constraints,” said Ronen Yehoshua, CEO of Morphisec. “The challenges for these organizations have only increased in the last year with work-from-home employees using unsecured devices and connecting to an endless array of cloud-based applications."