Thetaray Plans New Funding Round on Big Bank Security Demand

Thetaray, the cybersecurity startup backed by General Electric Corp. and Jerusalem Venture Partners, is planning its third funding round this year on rising demand from big banks, Chief Executive Officer Mark Gazit said.

Thetaray, which was started in 2013 to focus on threats to critical infrastructure, may seek as much as $20 million after raising $10 million in 2014, Gazit said in an interview in New York. Demand has surged from financial institutions in the U.S. and Europe, he said. The company analyzes operational data from industrial machines to detect abnormalities, and started to apply those analytics to financial transactions about six months ago, according to Gazit.