Israel’s Incredibuild gets Series B; XM Cyber buys Cyber Observer

 Israel’s Incredibuild gets Series B; XM Cyber buys Cyber Observer

Israeli-origin tech company Incredibuild has raised $35 million in a Series B funding round led by gaming-focussed venture capital firm Hiro Capital.

New York-based VC firm Insight Partners also joined the round.

The latest funding comes a year after Insight Partners led a $140 million round in the company, with the then existing backers Fortissimo Capital joining it. Fortissimo had first backed Incredibuild in 2018.

The new round comes even as Incredibuild has partnered with marquee companies like Amazon’s AWS and Microsoft over the last year to integrate its gaming stacks in order to accelerate the go-to-cloud transformation of customers and partners worldwide.

XM Cyber

A year after it was acquired by the Schwarz Group in a $700 million deal, Israeli cybersecurity company XM Cyber has said that it is acquiring local startup Cyber Observer.

While the acquisition deal value was not announced, local media reports said that it could be in the range of $30 million. The acquisition will help XM Cyber expand its cyber risk management program.

XM Cyber was founded by Noam Erez, Boaz Gorodissky, and former Mossad director Tamir Pardo.

Founded in 2016, XM Cyber has said that it has grown significantly since it was acquired in November 2021 by the Schwarz Group, the fourth biggest retailer in the world.

The company claims that its revenue in the first half of 2022 was double the total revenue for 2021, and that the number of employees increased over 50% in Israel and abroad.

The 30-employee strong Cyber Observer was founded by CEO Shimon Becker and VP of R&D Moti Ram. These employees will add to XM Cyber’s 150, who are based out of Israel, the US and Europe.

Cyber Observer has so far raised $12 million from investors including Merlin Ventures, the investment arm of Merlin Cyber, as well as UK VC firm Talis Capital and Swarth Group.

Aman Malik

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