12.02.2019 | First exit for the Aleph fund, who invested in cybersecurity company Symantec. The sale was overseen by our firm’s High-Tech Department, headed by Adv. Daniel Chinn.
Cybersecurity company Symantec (NASDAQ: SYMC) announced the purchase of Luminate Security, a start-up company that develops platforms for secure access to injective-function organizational apps with SaaS models. The purchase value is estimated at $200 million.
Luminate was founded by seasoned entrepreneurs with experience in the high-tech sector. CEO Ofer Smadari worked at Adallom, and Leonid Belkind and Eldad Livni worked at Check Point. Prior to the purchase, the company raised $14 million – $USD 3 million in seed funding from Aleph and $11 million is Series A funding from U.S. Venture Partners in March 2018.
This marks the first-ever exit for Aleph, who was one of the first investors in the company and contributed $3 million in seed funding in 2017. The Aleph fund was founded in 2013 by Eden Shochat and Michael Eisenberg. Together, they raised an initial sum of $100 million, followed by an additional $180 million in 2016, which was used for the investment in Luminate. After completing the second round of funding, Aaron Rosenson came on board as a partner in the fund, which invested in companies such as Lemonade and Freightos and made a continuing investment in Lemonade.
Our firm’s High-Tech Department, headed by Daniel Chinn, has proudly represented Lemonade since it was founded.
This article was translated courtesy of Tomedes Translation