Israel, April 22, 2020 – Tel Aviv-based cybersecurity company Orchestra Group, has raised $7.5 million in the first funding round led by Prytek. Startup is targeting the defensive cybersecurity market, which grows dramatically, as Covid-19 crisis measures increase remote work solutions and companies’ cybersecurity needs.
Orchestra, founded and managed by Omri Lavie, one of the founders of the well known mobile surveillance company NSO Group Technologies, has secured $7.5 million from Prytek Holdings and Target Global on a valuation of $18 million. Prytek has set up an international marketing, distribution and sales network for the products of its portfolio companies, which brings them additional revenue and speeds up the company’s growth and increases its value.
Orchestra is targeting the defensive cybersecurity market, unlike NSO, which focuses on surveillance. The company develops a platform that synchronizes the various security products that exist in the organization, and analyzes and builds organizational security policies.
Lavie founded Orchestra in 2018 together with chief technology officer Jacob Ukelson and chief operating officer Isaac Zack.
Omri Lavie, Founder of Orchestra and NSO. Photo: Ta Azoulay
“Orchestra has clients and earnings of several million dollars. We started the round before the outbreak of the coronavirus (Covid-19) pandemic. We had planned to purchase one of Prytek’s portfolio companies and ended up raising money from them,” Lavie said.
Lavie doesn’t seem concerned that the economic crisis will negatively impact the flow of funds into the tech sector and the cybersecurity industry in particular. “In every crisis, there is a tendency to tighten the belt. In this case, the solution is remote work meaning the need for cybersecurity will be even greater.”
Lavie still owns a chunk of NSO stock as part of a buyback deal with Francisco Partners at an $800 million valuation a year ago. NSO was once again in the headlines recently after the company claimed it had developed a platform that can track the movement and actions of people infected with Covid-19 going backward two weeks. The system is reportedly already garnering interest in Israel and abroad.