Claridge Israel, an investment firm founded by Stephen Bronfman and the Quebec Deposit and Investment Fund, is investing US$30 million ($38.7 million) in Cyberbit Ltd., a cybersecurity company based in Ra’anana, Israel.
Cyberbit, a subsidiary of the high-tech company Elbit Systems Ltd., was founded in 2015. It is described as a leading provider of cybersecurity training and simulations.
With this major new funding, Cyberbit will expand its sales and marketing, primarily in North America, boost product development and enhance customer and partner support, according to an announcement released on June 4.
Claridge Israel, which is based in Tel Aviv, was created in 2015, as a partnership between Claridge Inc., the private investment firm headed by Bronfman, and the Caisse, the Crown corporation that managers numerous public pension funds and insurance programs in Quebec, with the aim of finding business opportunities in Israel.
Oded Tal, the managing partner of Claridge Israel, will join Cyberbit’s board of directors.
The Caisse is one of the largest institutional investors in North America, with net assets of $298.5 billion.
Cyberbit is a pioneer in the use of hyper-realistic simulations to train cybersecurity experts. The company says there is a shortage of skilled people around the world who are able to manage cybersecurity threats. By 2021, it says that Cybersecurity Ventures predicted that 3.5 million jobs in the field will be unfilled, while the number and complexity of cyberattacks only grows.
“Elbit Systems sees the cybersecurity field as a growth engine,” stated Bezhalel Machlis, the company’s president and CEO.
Claridge Israel managing director Rami Hadar said that, “Cyberbit’s growth in just three years has been remarkable. This growth is driven by a unique product portfolio that addresses several of the most pressing industry problems, a solid go-to-market strategy and a highly capable team that is executing successfully and creating a leadership position in several markets.”
Meanwhile, the Jerusalem Post reported that Israel Aerospace Industries (IAI) has teamed up with a Quebec-based company to produce surveillance drones for the Royal Canadian Air Force.
IAI and L3 MAS, which is located in Mirabel, Que., will make the Artemis Unmanned Aerial System (UAS), a medium-altitude, long-endurance system, based on IAI’s most advanced unmanned reconnaissance aircraft, the Heron TP.
“The Artemis UAS is uniquely positioned to assist Canada in preserving its national security and sovereignty interests at home and abroad,” according to an IAI press release on June 3.
“As the prime contractor, mission systems integrator, and ISS provider, L3 MAS looks forward to breaking new ground in Canada’s defence and aviation sectors with IAI’s Artemis UAS,” L3 MAS vice-president and general manager Jacques Comtois stated.