Cyber company Kaymera is $7.4 million in debt, requests initiation of legal proceedings
Cyber company Kaymera is $7.4 million in debt, requests initiation of legal proceedings
The Israeli company which developed and marketed a protection system for Android-based devices against cyber attacks and threats was founded by NSO founders Omri Lavie and Shalev Hulio.
Israeli cybersecurity company, Kaymera Technologies, submitted an urgent request to the Tel Aviv District Court today, seeking an order to initiate legal proceedings to appoint a temporary trustee after accumulating debts amounting to approximately $7.4 million. Founded in 2012, Kaymera is an Israeli cybersecurity company operating in the mobile sector. The company's debts currently stand at around NIS 28 million ($7.4 million), with $6.88 million owed to the owner as a shareholder loan.
The current directors of the company are Shalom Turgeman, Yaakov Galanti, and two unnamed Chinese citizens. It was previously reported in Calcalist that the founders of the company were Omri Lavie and Shalev Hulio, who formerly founded and led the spyware company NSO, though they were not active in Kaymera nor had they invested in it.
According to Kaymera, the company experienced a sharp fall in revenues in 2023, totaling $530,000 in revenues by the end of October. As of today, the company employs only nine people. The company developed and marketed a defense system for Android-based smartphones against cyber attacks and threats. The company developed its own version of the Android operating system which protects users from cyber threats on mobile phones, including eavesdropping, recording calls, Trojan horses, malware, data leaks, and more.
The company asserts that its clients primarily include government institutions, security bodies, various commercial entities worldwide, and more. Furthermore, in a typical transaction, the company sells secured smartphones (Google Pixel type) to the customer, on which the developed software is installed. In most transactions, the company provides both the software and the hardware (smartphones), and in some cases, the company provides only the software while the hardware is directly purchased by the customer.
After supplying the customer with the secured smartphones (software and, in some cases, hardware), the company continues to provide ongoing support and maintenance services in exchange for regular payments. The company's clients include mainly government institutions, security agencies, various commercial entities in the world, and more.
It is further claimed in the request that, in a typical transaction, the company sells secured smartphones (Google Pixel type) to the customer on which the developed software is installed. In most transactions, the company provides both the software and the hardware (smartphones), and in some cases, the company only provides the software when the hardware is directly purchased by the customer. After supplying the customer with the secured smartphones (both the software and, in some cases, the hardware), the company continues to provide ongoing support and maintenance services in exchange for regular payments.
It is also claimed that since its establishment, Kaymera has raised capital totaling more than $15 million across multiple funding rounds. The latest of these was in 2016 when $8 million was raised. Today the company has a single shareholder, a foreign entity named SCT. Since SCT acquired the company's shares in 2019, funds have been provided to the company for the purpose of financing its operations and technology, in the form of shareholder loans totaling $6.88 million.
