Israeli AI-cyber firm Gambit Security raises $61 million

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By Steven Scheer

JERUSALEM, Feb 25 (Reuters) - Tel Aviv-based cybersecurity firm Gambit Security said on Wednesday it had raised $61 million in an ‌early funding round as it emerged from more than a ⁠year in "stealth mode".

The company, which developed an AI-based cyber resilience platform designed to keep ‌businesses running during cyberattacks, critical ‌system failures or technical disruptions, said some customers were already using the system.

Its platform enables companies to "deliver verifiable, continuous resilience, exposing hidden risks ​before they become catastrophic downtime," it said.

The company, which raised the money from Spark Capital, Kleiner Perkins and Cyberstarts, did not disclose ⁠its post money valuation.

Gambit said in a statement that its platform continuously measures resilience against evolving ​threats to support early remediation, rapid recovery and business continuity, "not only in the event of a cyberattack, but also ​in response to critical system failures and ‌technical disruptions."

While many firms have extensive backups and security measures, only about 5% of systems are resilient to ⁠ransomware attacks, it added.

"Cyberattacks and infrastructure failures are now routine, creating major disruptions and financial losses. Pouring more money into security and backup tools has become an ⁠unwinnable race," said Gambit CEO and co-founder Alon Gromakov.

Lior Simon, a general partner at ​Cyberstarts, said that industry forecasts project that the AI-powered cybersecurity market will effectively double its compound annual growth rate, accelerating from about 12% annual growth to some ‌24% by 2030.

"AI platforms are now generating threats at a scale and level of sophistication that would have ‌seemed implausible just a few years ago," she told Reuters.

"Operations that once required ⁠nation-state resources and elite engineering ‌teams can now be ​executed by a single actor equipped with a laptop and a modest API budget."

(Reporting by Steven Scheer; Editing by ‌Nivedita Bhattacharjee)

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