Microsoft, Qualcomm Back Israel's Team8 Cybersecurity Firm

Microsoft (NASDAQ:MSFT) and Qualcomm (NASDAQ:QCOM) have invested in Team8, an Israeli creator of cybersecurity start-ups, as big multinational companies get behind Israel’s burgeoning cyber industry in the face of growing threats. Team8, which also announced on Monday a strategic partnership with Citi (NYSE:C) to help develop its products, said the most recent investment brings its total raised to more than $92 million.
As quoted in the full press release:

Its other investors are Cisco, AT&T, Accenture, Nokia, Singapore’s Temasek, Japan’s Mitsui, Bessemer Venture Partners, Google executive chairman Eric Schmidt’s Innovation Endeavors and Marker LLC.
While the number of attempted cyber attacks was 20,000 a week two or three years ago, that figure had now risen to 600,000-700,000, said Yoram Yaacovi, general manger of Microsoft Israel’s development center.

Click here for the full text release.