The Israeli cyber market is booming
2021 was a record year for cyber investments, with Israel becoming a mainstay in the ecosystem of global innovation in the space. According to data from the Israeli National Cyber Network, 40% of international investments in the cybersecurity startups are in Israeli companies, and they are privileged to lead the cyber defense industry, growing at an unprecedented rate.
In 2021, $8.8 billion was invested in the Israeli cyber defense industry – a 3-fold increase from 2020. Additionally, about 40 cyber companies were sold during 2021, and 4 Israeli cyber companies went public – 11 were defined as unicorns – companies whose value exceeds $1 billion.
The team leading odix
odix is a key player in the Israeli cyber ecosystem. The company was founded by Dr. Oren Eytan, former commander of the IDF’s cyber unit, who has more than 30 years of experience working in high-security organizations specializing in infrastructure, encryption, network security, and mobile devices. Dr. Eytan leads odix as CEO. Oren has been joined by several executives with extensive experience in software, R&D, and SAAS implementation systems in organizations to guide the company’s vision and market outreach.
odix’s solutions have received significant support from the Chief Scientist and the European Commission (Horizon2020), thanks to their innovation and efficiency in maintaining a secure organizational environment, free from threats and cyber-attacks through files.
Cyber-attacks affect organizations, companies, enterprises, and government infrastructure day and night. More concerning, 94% of the malware sent in the world comes via email, with hackers being able to disguise the threat within innocent-looking files, primarily via Microsoft Office documents or PDFs.
While traditional protection software such as antivirus blocks only known threats, new malware variants are created daily and manage to bypass detection-based solutions when they first distributed by hackers
odix solutions are focused on implementing a preventive approach to network security – without the massive investment in detection and remediation associated with existing legacy technologies. odix Deep File Inspection technology prevents the insertion of malware into organizational networks by removing all malicious code from all commonly used file types.
FileWall is a unique service, the first of its kind launched in the Microsoft Marketplaces as a “native” application. This means that the service is activated at the “push of a button” without the need for advanced implementation and configuration.
Grants and investors
odix has received a significant grant of more than €2 million as part of the EU’s Horizon2020 program. This grant attests to the European Commission’s confidence in the company’s technology and execution capabilities.
In addition, odix received an $800,000 grant from the Chief Scientist in Israel.
Beyond the support of government bodies that recognize the importance of the solutions that odix developed and its potential, the company has angels who have invested in it that can attest to the business potential of joining the company.
Among the angel investors are Dr. Nati Zommer, who sold IXYS to Littlefuse in a $750 million deal, and Ephraim Landa, a successful entrepreneur with several exits in his portfolio.
Patents and collaborations
odix has six registered patents in the United States and two more pending approval. odix technology has undergone rigorous testing by external cyber labs. odix works in collaboration with Microsoft and is a member of MISA – Microsoft’s global information security organization.
FileWall provides an advanced layer of security for cloud applications against attacks transmitted in files as a supplement to the basic protection offered by application manufacturers such as Microsoft. Compared to other security solutions that seek to replace basic manufacturer protection, FileWall is the only complementary solution providing the highest level of email attachment security to Microsoft EOP or Defender – Therefore, its adoption potential among organizations is high.
FileWall has a target market of over 400 million users. The business model is based on a monthly or annual subscription purchased by the organization for each user. This has a business potential of about $10 billion each year.
The company’s distribution network includes agreements with major distributors in Europe and the United States, who work with Microsoft 365 ecosystem worldwide, such as: ALSO, CloudBlue, Interworkscloud, Bezeq International and more.
Thanks to the deep implementation of FileWall with the Microsoft systems, the distributors consider the solution as a true value-added service. 2022 is a significant year for the company that is expected to start receiving revenue from these agreements.
odix has considerable customers in the fields of energy, finance, and government who are already working with its file cleansing solution, including General Electric, Dominion Energy, Vistra Energy, Izola Bank, European Investment Bank, the Ministry of Health, Migdal, Tel Aviv-Yafo Municipality, Mifal Hapayis and more.