Accelerator Program Will Provide Unprecedented Access to the City’s Robust Business and Municipal Infrastructure to Build the Next Billion-Dollar Startups
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 accelerator program in Soho. The new accelerator program 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 accelerator program 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 at the accelerator 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.”
“New York City is the financial and cultural center of the world, the hub of media and information- it can also become the technology hub of the world,” said Erel Margalit, JVP founder and Chairman, “The JVP International Cyber Center is a launching pad for innovative technologies, for a new era of cyber, moving from protecting countries and enterprises to defending democracies and individuals, creating companies that will change the world of tomorrow. In partnership with city of New York, the leading universities of the city, we will transform NYC into the cyber capital of the world. This is the start of the next chapter in the success story that is New York City.”
The accelerator program 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 as part of the accelerator– including Thetaray, Centrical, Coronet, Loom, and Quali. Startups have achieved significant growth during the 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.
Affiliated companies 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.
“New York’s strength lies in its relentless capacity to grow, innovate, and redefine itself," said U.S. Representative Jerrold Nadler. "Already a global leader in countless industries, the opening of the New York Cyber Center—a space directly oriented towards providing cyber-related startups with the resources and support they need to grow—will position New York City at the fore of cybersecurity innovation and advancement for years to come. A testament to the New York City Economic Development Corporation’s Cyber NYC public-private initiative, I’m proud that the Cyber Center is located within my district and excited for the economic opportunities and technological developments it is sure to yield.”
"In this 21st century, it is critical we support and empower our local cybersecurity companies and professionals, who will in turn develop the technology that will protect our New Yorkers and our way of life for generations to come," said Council Member Paul Vallone, chair of the Economic Development Committee. "The International Cyber Center by JVP in Soho solidifies New York City's position as a global hub for cybersecurity and ensures we will always stay on the cutting edge of tech research and innovation."
“We are very excited to celebrate the opening of JVP's center, an important part of the CyberNYC project, and we look forward to working closely with JVP's portfolio companies in SOSA's Global Cyber Center's activities“, said Uzi Scheffer, CEO of SOSA. ”Under the guidance and leadership of the NYCEDC and the Mayor’s Office, the official Global Cyber Center, powered by SOSA, will continue to connect corporates to technologies as well as serve as a landing pad for entrepreneurs from all over the world, while building the city’s cyber ecosystem in an inclusive, innovative and inspirational way."
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 accelerator program. Through the program, 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.
On February 3, NYCEDC and JVP will celebrate the opening event, which will include the launch and housing of Margalit Startup City. The new initiative represents a series of international innovation centers launched around the world, with Margalit Startup City New York serving as the anchor for global activity. The centers will focus on the ability to change reality by connecting innovators, bringing millennials and younger generations to cities, all while creating thousands of job opportunities that leverage the social economic aspects of each city.
For more information about Cyber NYC, please visit cyber-nyc.com.
New York City Economic Development Corporation creates shared prosperity across New York City’s five boroughs by strengthening neighborhoods and creating good jobs. NYCEDC works with and for communities to provide them with the resources they need to thrive, and we invest in projects that increase sustainability, support job growth, develop talent, and spark innovation to strengthen the City’s competitive advantage. To learn more about our work and initiatives, please visit us on Facebook, Twitter, or Instagram.
About Jerusalem Venture Partners (JVP)
Jerusalem Venture Partners (JVP), founded and led by Dr. Erel Margalit, is an internationally renowned venture capital fund. JVP has to date raised $1.4 billion across 9 funds, and has been listed numerous times by Preqin, and other rankings, as one of the top-ten consistently performing VC firms worldwide. JVP has built over 140 companies, leveraging a broad network of partners and market expertise to help companies become global market leaders. JVP has been chosen by NYCEDC to lead the International Cyber Center in New York City. Among the pioneering firms of the Israeli venture capital industry, JVP has been instrumental in building some of the largest companies out of Israel, facilitating 12 Initial Public Offerings on NASDAQ including CyberArk Software (NASDAQ: CYBR, $4.7 billion mkt. cap.), QLIK Technologies (NASDAQ: QLIK, then $4 billion mkt. cap.) and Cogent Communications (NASDAQ: CCOI, $3 billion mkt. cap.)