Barclays, Walmart Join New $85M Innovation CoalitionBarclays, Walmart Join New $85M Innovation Coalition
Innovation incubator Team8 recruits major partners, investors to create new products that help businesses "thrive by security."
October 24, 2018
A new coalition of major finance, retail, aerospace, and technology firms has secured an $85 million capital investment to build new companies and products that are secure by design and drive "digital transformation."
The coalition is led by Team8 — the Israel-based innovation incubator that generated threat deception company Illusive and IoT security company Claroty. Walmart, Airbus Defense and Space, Dimension Data, Munich Re, Moody's, Barclays, Softbank, and Scotiabank have all joined. The effort's $85 million capital investment is being provided by Team8's existing investors, including M-12, Microsoft's venture capital arm, Nokia, Cisco Investments, Bessemer Venture Partners, Temasek, and Innovation Endeavors.
"Thrive By Security" is the coalition's mantra. Because many companies find security to be a barrier to the adoption of new technology, the coalition aims to create companies that enable the adoption of new technology. Its approach will focus on using cybersecurity as a catalyst for growth and building security into infrastructure and data science.
Any companies spun out of this project will operate independently and share ownership with investors.
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