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Private Equity
grg.co.il

Investments

47

Portfolio Exits

6

About GlenRock Israel

GlenRock Israel, founded in 2003, is an Israel-based investment fund and takes a multi-disciplinary investment approach which includes venture investing to private equity. The firm offers portfolio companies value-added services such as advisory, M&A services, and financial services. GlenRock Israel primarily invests in Life Sciences and advanced technology opportunities.

Headquarters Location

The Herzeliyah Business Park 85 Medinat Hayehudim St. Tower G, 8th Floor

Herzliya,

Israel

972-9-9701800

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Latest GlenRock Israel News

Railway Cybersecurity Firm Cylus Raises $30 Million

Dec 15, 2021

By Kevin Townsend on December 15, 2021 Tel Aviv, Israel-based railway cybersecurity firm Cylus has raised $30 million in a Series B funding round led by U.S. firm Ibex Investors and joined by Vertex Growth Fund, Strides International Business, Magma Venture Partners, Vertex Ventures Israel, Zohar Zisapel, and Glenrock Israel. This brings the total raised so far to $57 million (seed plus Series A). Cylus follows the now standard template for Israeli firms – founded by former Israeli Defense Force (IDF) cyber specialists before expanding into the U.S. market. Current CEO Amir Levintal was Director of the Cyber R&D Division of the IDF’s Elite Technological Unit from 2014 to 2017, while CTO Miki Shifman was cyber researcher and R&D leader in the same division. To assist the U.S. expansion, William Heinrich, former CISO of Amtrak and BNSF Railway, and Mark Grant, former CISO of CSX Transportation, will join the company’s advisory board. The rapid digitization of the railway industry over the last few years has, like all digitization processes, produced a rapid and not always adequately protected expansion of the threat surface available to bad actors. Railways are part of the critical national infrastructure (CNI). It is expected that the CNI will come under increasing cyberattack over the next few years, both by nation-affiliated groups keen on disrupting an orderly society, and criminal groups who believe CNI organizations are more likely to pay extortion demands more quickly than standard commercial organizations (consider, for example, the DarkSide ransomware attack on Colonial Pipeline). Railways are particularly susceptible to such threats. A successful compromise of railway OT could result in the takeover of a train in motion. Increasing the speed of the train could ultimately lead to a derailment, threatening the lives of anyone on board the train or in the locality of the derailment. The growth in autonomous trains over the next few years increases the potential risk. While an autonomous car can be stopped within a relatively short distance, the braking distance for an autonomous train is more like a kilometer. But railway OT suffers from the same reluctance to change as many other OTs – why interfere with something that is working, when change could cause disruption? The need for continuity of operation often trumps the advice to install new security controls. In 2018, NIST published its own recommendations in NISTIR 8219 . It is an examination and demonstration that the use of off-the-shelf behavioral anomaly detection (BAD) systems can improve visibility, identify new devices, detect assets that have disappeared, and detect anomalies that might indicate a malicious presence in a non-intrusive manner; that is, without any interruption or performance impact to the ICS network. According to NIST, machine learning- or AI-enhanced anomaly detection can be introduced to OT networks to help detect malicious intrusions without disrupting the current running of the OT network. This is the approach taken by Cylus. Its solution will detect potential malicious activity, and pass the information with mitigation recommendations to human operators to decide what action may be necessary. Cylus was founded in 2017 by Amir Levintal (CEO), Miki Shifman (CTO), and Nico Gramenz (strategic advisor). The company came out of stealth in January 2018 with $4.7 million in seed funding, and raised $12 million in a Series A funding round in June 2019 – rapidly followed by an additional Series A $10 million.

GlenRock Israel Investments

47 Investments

GlenRock Israel has made 47 investments. Their latest investment was in Quris AI as part of their Seed VC on January 1, 2022.

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GlenRock Israel Investments Activity

investments chart

Date

Round

Company

Amount

New?

Co-Investors

Sources

1/11/2022

Seed VC

Quris AI

$19M

Yes

GlenRock Israel, iAngels, Undisclosed Investors, and WellTech Ventures

4

12/15/2021

Series B

Cylus

$30M

No

6

5/24/2021

Seed VC - II

Lydus Medical

$2.7M

Yes

GlenRock Israel, Mor Research, Sanara Ventures, and Undisclosed Investors

12

11/2/2020

Series B

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$99M

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10

2/12/2020

Series A

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$99M

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10

Date

1/11/2022

12/15/2021

5/24/2021

11/2/2020

2/12/2020

Round

Seed VC

Series B

Seed VC - II

Series B

Series A

Company

Quris AI

Cylus

Lydus Medical

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Amount

$19M

$30M

$2.7M

$99M

$99M

New?

Yes

No

Yes

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Co-Investors

GlenRock Israel, iAngels, Undisclosed Investors, and WellTech Ventures

GlenRock Israel, Mor Research, Sanara Ventures, and Undisclosed Investors

Sources

4

6

12

10

10

GlenRock Israel Portfolio Exits

6 Portfolio Exits

GlenRock Israel has 6 portfolio exits. Their latest portfolio exit was Outbrain on July 23, 2021.

Date

Exit

Companies

Valuation
Valuations are submitted by companies, mined from state filings or news, provided by VentureSource, or based on a comparables valuation model.

Acquirer

Sources

7/23/2021

IPO

$99M

Public

26

12/1/2020

IPO

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$99M

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10

6/22/2020

Acquired

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$99M

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10

1/15/2020

Acquired

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$99M

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10

11/21/2013

IPO - II

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$99M

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10

Date

7/23/2021

12/1/2020

6/22/2020

1/15/2020

11/21/2013

Exit

IPO

IPO

Acquired

Acquired

IPO - II

Companies

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Valuation

$99M

$99M

$99M

$99M

$99M

Acquirer

Public

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Sources

26

10

10

10

10

GlenRock Israel Team

4 Team Members

GlenRock Israel has 4 team members, including , .

Name

Work History

Title

Status

Leon Y. Recanati

Founder

Current

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Name

Leon Y. Recanati

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Work History

Title

Founder

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Status

Current

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