TechNation: Claroty Raises $60 Million for Cybersecurity to Protect Industrial Equipment

Meanwhile, Israel’s digital health gets underway with subsidized R&D program

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An employee walks past racks of panels inside a communications room at an office in London, U.K., on Monday, May 21, 2018
An employee walks past racks of panels inside a communications room at an office in London, U.K., on Monday, May 21, 2018Credit: Jason Alden/Bloomberg

Claroty, an Israeli startup specializing in cybersecurity for industrial-control networks, said it has raised $60 million from an investor group that mostly comprises industrial-equipment makers.

The round was led by the Singapore state-owned holding company Temasek and included Rockwell Automation, Schneider Electric’s Aster Capital, Siemens’ Next47, Envision Ventures and Tekfen Ventures. Existing investors all participated in the round.

Clarity addresses the problem of protecting manufacturing equipment from hackers. Often hostile governments seek to harvest information and establish a presence in networks for potential future attacks. Founded in 2014 and exiting stealth mode in late 2016, the latest round brings investment to date in the company to $93 million.

Claroty said it counts major customers in six continents in nine market segments, including electric utilities, oil and gas, chemical, water, manufacturing, food and beverage, mining and real estate. Claroty’s headquarters are in New York and its research and development center is in Tel Aviv. (Eliran Rubin

Israel’s digital health gets underway with subsidized R&D program

Israel’s ambitious digital health initiative – a 920 million shekel ($257.5 million) nationwide program over five years to make health data about its population available to researchers and companies – got under way this week with a program for startups.

The Israel Digital Authority, Health Ministry and Israel Innovation Authority said on Sunday they were budgeting 30 million shekels in research and development aid to companies that want to conduct pilot projects in conjunction with Israeli health providers or by using their data.

Companies will be able to get between 20% and 50% of their costs covered by the program and, in a few exceptional circumstances, when a company has an exceptional idea that could shake up the global healthcare industry, up to 75%.

The government won’t share in any future profits but will get royalties from commercially successful products that result, it said. 

Unveiled in March, the digital health initiative aims to help build Israel’s life science industry by making use of patient data. (TheMarker Staff)