View photosMoreThe logo of Microsoft is pictured in Issy-les-Moulineaux, France, August 8, 2016.
TEL AVIV Reuters - The venture arms of Microsoft and Qualcomm have invested in Team8, an Israeli creator of cybersecurity start-ups, as big multinational companies get behind Israel's burgeoning cyber industry in the face of growing threats.
Team8, which also announced on Monday a strategic partnership with Citi to help develop its products, said the most recent investment brings its total raised to more than $92 million.
Its other investors are Cisco, AT, Accenture, Nokia, Singapore's Temasek, Japan's Mitsui, Bessemer Venture Partners, Google executive chairman Eric Schmidt's Innovation Endeavors and Marker LLC.
While the number of attempted cyber attacks was 20,000 a week two or three years ago, that figure had now risen to 600,000-700,000, said Yoram Yaacovi, general manger of Microsoft Israel's development centre.
Israel has some 450 cyber start-ups, which receive 20 percent of global investment in the sector.