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Cyber Security firm ThetaRay bags investment from General Electric

(Credit: Reuters) General Electric has plans to spin off its US-based consumer lending business.General Electric
August 5
11:57 AM 2013

Israeli-based cyber security company ThetaRay bagged a substantial investment from General Electric (GE). Although no financial terms were disclosed, the deal was said to be worth "several million dollars." GE joined Jerusalem Venture Partners (JVP) as one of ThetaRay's backers. The cyber security firm develops technology that detects and prevents Advanced Persistent Threats (APT) and Zero-Day attacks. By leveraging on patented algorithms, ThetaRay provides protection to strategic installations, critical infrastructure, communications systems as well as financial systems. The firm's solutions were successful in tests conducted in government offices as well as in corporations.

Head of Ventures and Business Development of GE Software Brett May said they are looking forward to their collaboration with the cyber firm founded by Professor Amir Averbuch of Tel Aviv University and Professor Ronald Coifman of Yale University. "GE's efforts in Israel are a crucial step in a long and determined series of security efforts to safeguard our products. As the data proliferates, so will the opportunities to exploit it due to the interconnected nature of systems and machines. ThetaRay has a unique and innovative approach that can be used in the future to potentially help protect products and data," May said.

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