Israel-based cyber security solution developer HUB Cyber Security confirmed to QA Financial today it has obtained $8 million in fresh funding through a straight debt arrangement.
The funds will help the company to improve “its financial base and support growth initiatives,” CEO Noah Hershcoviz said, including a more comprehensive testing model and additional testing tools.
“The funding underscores our commitment to expansion and financial stability, allowing us to meet creditor obligations and invest in strategic projects,” he added.
The reason HUB opted for a straight debt facility aligns with the company’s financial management and growth plans, Hershcoviz stressed, as he highlighted “the importance of financing in enabling their strategic initiatives and maintaining transparency and accountability with stakeholders.”
Sensitive information
HUB was launched in 2017 by the veterans of the Israeli Defence Forces’ elite intelligence units, aimed at protecting sensitive government information.
However, since then a range of banks and other financial institutions have integrated HUB’s solutions as the company developed and sells encrypted computing tools that prevent hardware-level hacks and intrusions, as well as a host of data theft protection and prevention platforms.
It tests and monitors the cybersecurity status of a host of clients, thereby detecting the potential for data leaks of information theft.
These days, HUB operates in close to 30 countries, with a large portion of its client base coming from the financial services space.
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