EDC Opens International Cyber Center in Soho

Dr. Erel Margalit, center, leads JVP's partnership with New York City's Economic Development Corporation's launch of its International Cyber Center in New York City, February 3, 2020. Photo: Shahar Azran

NEW YORK, NY –  New York City Economic Development Corporation (NYCEDC) and Jerusalem Venture Partners (JVP), Israeli-based global venture capital firm, celebrated the grand opening of the JVP International Cyber Center in Soho. The new Cyber Center is a pillar of NYCEDC’s Cyber NYC initiative, a $100 million public-private investment aimed at transforming New York City into a global leader of cybersecurity innovation and talent.

The Center will provide a strong base for startups, connecting them to a cyber alliance including investors, multinational companies, leading executives, entrepreneurs, and universities within the New York City ecosystem. With support from stakeholders across the city, startups in the Center will play a vital role in protecting cities, banks, utilities, and healthcare systems, as well as democracies, the integrity of information, and the freedom of the individual. Moreover, it will provide emerging businesses with a platform to develop the next groundbreaking innovation in cybersecurity.

“New York City has quickly become the international capital for cybersecurity and a leader in tech innovation,” said Deputy Mayor for Housing and Economic Development Vicki Been. “As we build on this success, we’re excited to partner with JVP and launch a new cyber hub in New York City as part of our game-changing Cyber NYC initiative. We look forward to collaborating on projects that help fuel the next generation of talent and create good jobs in New York City’s cybersecurity ecosystem.”

“Our vision to transform the city into the cyber capital of the world, combined with JVP’s experience in driving change through innovation, creates a formidable partnership that gives rise to the next wave of cybersecurity startup success stories,” said NYCEDC President and CEO James Patchett. “The opening of the new Cyber Center will link global cities and companies with New York City’s thriving cyber ecosystem, and promises to create good jobs and innovative solutions in this booming field.”

The Center will serve as an international platform for cybersecurity entrepreneurs and professionals, driving change and innovation by nurturing startups and creating the next billion-dollar companies in cybersecurity. Currently, twenty-eight companies are operating within the Center – including Thetaray, Centrical, Coronet, Loom, and Quali. Startups have achieved significant growth during the Center’s initial rollout phase, including companies that are generating over $10 million in annual revenues, and laying the groundwork for the creation of thousands of sought-after jobs in New York City.

Companies affiliated with the Center will also have the opportunity to apply to the Scalarator program, where cohorts can receive advice on tailored programs and plans, strategic planning, marketing, business development, recruiting, and financing. Guiding and supporting these companies will be senior leaders at JVP, subject matter experts, and experienced cybersecurity executives and entrepreneurs.

In addition to the Scalarator program, in 2018, JVP partnered with Cyber NYC, the Mayor’s Office of the Chief Technology Officer (MOCTO), and NYC Cyber Command on the NYCx Cybersecurity Moonshot Challenge. Challenge winners were recently honored for developing best practices for cyber resiliency and will partner with the Department of NYC Small Business Services to launch a Cybersecurity training for small and mid-size businesses in New York City.

In late 2018, JVP was selected by NYCEDC to help drive the City’s $100 million initiative to transform New York City into a global capital for cybersecurity, resulting in the creation of the International Cyber Center. Within the Center, JVP will nurture startups to help them scale, provide strategic guidance, business development support, funding, and access to leading universities such as Columbia, Cornell Tech, NYU, and CUNY.

For more information about Cyber NYC, please visit cyber-nyc.com.