Dutch Bank ABN AMRO Backs Cybersecurity Company ThetaRay
Before investing in ThetaRay, ABN AMRO was a client of the company, which develops technology that detects behavior anomalies and threats for the finance industry
16:1912.06.19
Amsterdam-headquartered ABN AMRO Bank NV has invested in Israel-based cybersecurity company ThetaRay Ltd., the companies announced Wednesday. The investment was made as an expansion of ThetaRay’s latest round announced in July,
in which it raised $30 million. The additional sum invested by ABN AMRO was not disclosed.
ThetaRay CEO Mark Gazit. Photo: Zvika Tishler
ThetaRay’s clients include Madrid-headquartered Ciudad Grupo Santander and Citi Group. Before investing in the company, ABN AMRO was also a client since early 2018. ABN AMRO decided on the investment about six months after it became a client and formed a good connection with CEO Mark Gazit and the team, Hugo Bongers, the director of ABN AMRO’s Digital Impact Fund, said in a phone interview with Calcalist earlier this week. “An investment is like a marriage, you have to get to know the people behind the technology,” he added.
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Founded in 2013 and based in Hod Hasharon, a town in central Israel, ThetaRay uses machine learning algorithms to detect system behavior anomalies and threats such as ATM hacking, insurance fraud, and SWIFT-based attacks. The company has additional offices in New York and Singapore.
ThetaRay CEO Mark Gazit. Photo: Zvika Tishler Excluding the most recent investment, ThetaRay has raised about $60 million from investors including Jerusalem Venture Partners (JVP), General Electric, SVP Investments, Israel’s Bank Hapoalim, and Israel-based equity crowdfunding company OurCrowd Ltd.
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This is the first investment ABM AMRO has made in Israel. According to Bongers, the investment in ThetaRay is a chance for the bank to get a foothold in the country and invest in local technologies.
