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The cybersecurity startup Claroty in Israel is preparing for the US IPO in 2025 at a valuation of US$3.5 billion, reported on Tuesday by the Calcalist financial daily.
Without providing references, Calcalist said that Claroty was presently valued at US$2.5 billion and was in talks with underwriters regarding an IPO on the New York Stock Exchange or Nasdaq.
Claroty, a cybersecurity startup declined to comment, but a source told Reuters that the company has not yet begun the formal IPO process and that a timeline is still to be determined. Team 8 co-founded Claroty, a Cybersecurity startup in 2014 with fellow venture group partner Amnon Shulman. The company specializes in the protection of critical infrastructure systems, including power networks, steel mills, oil refineries, and more. Team8 managing partner Yusef Shulman told Reuters last month that he expects Claroty to "hopefully" go public at some point shortly. However, he added that the IPO market "is not great right now" and a flotation could not happen until next year.
It's hard to say, but when the IPO market returns, we'll be ready," he added. Claroty closed a US$100 million private funding round in March, bringing its total funding to over US$700 million. In 2023, the company said it exceeded annual recurring revenue (ARR) of US$100 million and was working with 20 percent of Fortune 100 enterprises. Rockwell Automation, Schneider Electric, and Siemens were among the early-stage investors in the Claroty Series A and Series B funding rounds.
Once these investors got involved, Team8 decided to stay with the startup and grow it into a bigger company instead of selling it like other companies in its portfolio, said Shachar. At the beginning of the firm's life, the market for infrastructure, grid, and utility protection was small, he said. By the time of the company's Series C funding round, "we felt like we were going to become the standard-bearer for what is now a massive, massive market for infrastructure protection," he said.
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