raeli venture capital fund Jerusalem Venture Partners (JVP) and New York City have named 10 finalists in the NYCx Cybersecurity Moonshot Challenge, a competition offering an investment worth over $1m. from JVP.
The cybersecurity competition, in partnership with the Mayor’s Office of the Chief Technology Officer (MOCTO) and the New York City Economic Development Corporation (NYCEDC), attracted over 160 cybersecurity start-ups from 18 countries, all presenting solutions to help small businesses protect themselves against cyberattacks.
Among the applicants, 37% of start-ups were based in the United States, followed by 25% from Israel and 15% from South Korea. Applicants addressed a wide range of cybersecurity needs including application security, authentication, cloud security, end-point and network security, privacy and IoT (Internet of things) security.
According to a recent investigatory report by Verizon, a total of 43% of data breaches involved small business victims.
“At JVP, we’ve seen the benefits of how tech and innovation can deliver solutions to global challenges,” said JVP founder and executive chairman Dr. Erel Margalit. “We’re thrilled at the response we’ve seen to this competition and believe it will help lay the foundation for the growing and vibrant cyber ecosystem that we’re proud to help build with our partners at NYCEDC and MOCTO.”
Hailing from seven countries, the finalists have all pledged to expand their operations to New York City. In addition to the winner receiving a $1 million investment opportunity, all the selected finalists have been offered a place at JVP’s “scalarator,” located at HUB.NYC. The winning company will be announced in October, when the hub is scheduled to open.
Finalists include Akeyless, NeuraLegion and Perimeter 81 from Israel; Cyglass and Todyl from the United States; Alpha Strike Labs from Germany; Nimesa Technology from India; Seald from France; Security Platform from South Korea; and VU from Argentina.
In October 2018, the NYCEDC announced the selection of JVP and Tel Aviv-based corporate innovation expert SOSA to lead the establishment of a global cyber ecosystem in New York.
JVP will establish New York’s first international cybersecurity investment hub, Hub.NYC, in the city’s Soho neighborhood, with the goal of growing cyber start-ups into major businesses. The hub will also serve as JVP’s headquarters for activities and portfolio companies in the United States.
The initiative forms part of NYCEDC’s Cyber NYC program, which aims to make New York a global leader in cybersecurity and produce 10,000 jobs within five years. The program is fueled by an initial investment of $30 million from New York followed by an additional investment of up to $70m. from private funding.
“We recognize that making New York City a strong and fair city means ensuring technology is designed and delivered to meet the needs of all New Yorkers, including our sizable small business community,” said New York chief technology officer John Paul Farmer. “The NYCx Cybersecurity Moonshot Challenge is a great example of global partnership and innovation, and using technology for good.”
New York has also selected seven additional cybersecurity companies, which will each receive $10,000 to test their proposals, the opportunity to partner with the City to deliver solutions to local small businesses, and will benefit from support to expand into international markets. Recipients include five start-ups from the United States, in addition to two start-ups from the United Kingdom and Australia.
“It’s no secret that the threat of cyberattacks is one of the world’s most pressing challenges,” said NYCEDC Chief Strategy Officer Ana Ariño. “That is why New York has set out to become the global leader for the cybersecurity industry. The Cyber NYC Moonshot Challenge is a first of its kind public-private partnership that brings top cyber companies and talent to New York City.
We’re proud of the incredible response to this competition from a diverse, innovative and international group of applicants, and are excited to support these companies in New York City’s vibrant cyber ecosystem.”