Cyabra going public via SPAC merger at $70 million valuation
Cyabra going public via SPAC merger at $70 million valuation
The Israeli company's platform provides organizations and the public sector with actionable insights to counter everything from election interference to brand reputation attacks and impersonations.
The SPACs aren't dead, they've just shrunk. The Israeli company Cyabra announced its intention to merge with a special purpose acquisition company (SPAC) traded on the Nasdaq stock exchange at a value of $70 million. The SPAC, named Trailblazer, raised $60 million in March 2023, which, if not redeemed, is expected to reach Cyabra's account. However, in most cases, investors in SPACs withdraw most of the money at the time of the merger with a company.
Cyabra was founded by CEO Dan Brahmy, COO Yossef Daar, and CTO Ido Shraga in 2018, with the goal of becoming the filtering mechanism for online conversations used by various organizations in the enterprise and public sectors. Cyabra’s technology is implemented to understand and analyze the proliferation and spread of disinformation in order to protect brands, governments and wider society.
Through its proprietary AI technology, Cyabra exposes malicious actors, disinformation, bot networks, and GenAI text and images. The company's platform provides organizations and the public sector with actionable insights to counter everything from election interference to brand reputation attacks and impersonations.
The company, which employs 45 people, has raised a modest amount of only $16 million to date, with its investors including Israeli funds TAU Ventures and OurCrowd, along with many angel investors.
Gartner, a leading technology research firm, anticipates that by 2028, “enterprise spend on battling misinformation will surpass $30 billion annually, cannibalizing 10% of marketing and cybersecurity budgets to combat a multifront threat.”
Among Cyabra's clients today are the Singaporean media concern Mediacorp, governments, and public organizations, including the US State Department, seeking to identify attempts to interfere in elections and bias public opinion, financial entities, and global public relations agencies.
