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
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.
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.
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.