((Automated translation by Reuters, please see disclaimer https://bit.ly/rtrsauto)) by Steven Scheer
Israeli cybersecurity startup Claroty is preparing a possible IPO in the United States in 2025, with a valuation of $3.5 billion, the financial daily Calcalist reported on Tuesday.
Calcalist, without citing sources, said Claroty was currently valued at $2.5 billion and was meeting with underwriters for an offering on the Nasdaq or New York Stock Exchange.
In response, Claroty told Reuters that “the formal IPO process has not yet begun and a definitive timeline is still being formulated.”
Claroty was co-founded in 2014 by venture capital group Team 8 and Amir Zilberstein. It focuses on protecting critical infrastructure systems such as power grids, steel mills and oil refineries.
Last month, Yuval Shachar, managing partner of Team8, told Reuters that Claroty would “hopefully be a big IPO” at some point, but he added that the IPO market “doesn’t is not very good right now” and that an IPO might not even happen next year.
“It’s hard to say what it is, but when the IPO market returns, we will be ready,” he said.
In March, Claroty raised $100 million in a private funding round, bringing total funds raised to $735 million, and said that in 2023 its annual recurring revenue would exceed $100 million. dollars, while working with 20% of Fortune 100 companies.
Rockwell Automation ROK.N , Schneider Electric SCHN.PA and Siemens SIEGn.DE , among others, invested in Claroty in early Series A and B funding rounds.
Once these investors joined, Team8 chose to keep the startup and grow it into a larger company rather than selling it like others in its portfolio. Mr. Shachar said that in the company’s early days, the market for protecting infrastructure, networks and utilities was limited.
“Right from the Series C (Series) funding round, we felt we were going to be the incumbent in what is now clearly a huge market, infrastructure defense,” Mr. Shachar said.