HUB Security
Israeli confidential-computing company founded by Unit 8200 and Unit 81 veterans; Nasdaq-listed since 2023, when its chief executive was dismissed after an internal fraud inquiry
| HUB Security
| |
|---|---|
| Trade name | HUB Cyber Security Ltd |
| Type | Public company (Nasdaq: HUBC) |
| Founded | 2017 |
| Founder(s) | Andrey Iaremenko and others |
| Headquarters | Tel Aviv, Israel |
| Industry | Cyber security (confidential computing) |
HUB Security (HUB Cyber Security Ltd) is an Israeli cyber-security company that develops "confidential computing" hardware and software for protecting data while it is being processed. Its 2023 annual report says the operating company was "founded in 2017 by veterans of the elite Unit 8200 and Unit 81 of the Israeli Defense Forces".[1] It was listed on the Tel Aviv Stock Exchange after a 2021 merger and moved to Nasdaq in 2023.[1] In 2023 a board committee concluded that its former chief executive, Eyal Moshe, had misappropriated company funds; he was dismissed for cause.[2]
Founders and Unit 8200
Reporting on a $5 million Series A round in 2020, TechCrunch wrote that "most of Hub Security’s founding team got its start in the Israeli Defense Forces’ Unit 8200". It named Andrey Iaremenko as a co-founder and Eyal Moshe as chief executive, and said OurCrowd had invested.[3] The company's 2023 annual report describes the founders as veterans of Unit 8200 and Unit 81, and lists among its directors "Major-General (Ret.) Uzi Moskovich (Director, former head of the Cyber Communications and Defense Division of the Israel Defense Forces)".[1]
Listing
According to the same report, the operating company merged in 2021 with A.L.D. Advanced Logistics Development Ltd, an older software company, and began trading on the Tel Aviv Stock Exchange. A merger with the US special-purpose acquisition company Mount Rainier Acquisition Corp was completed on 28 February 2023, after which HUB reported to the US Securities and Exchange Commission and later delisted from Tel Aviv.[1] The report says HUB's QPoint subsidiary counts among its clients Rafael Advanced Defense Systems, "the developer of the 'Iron Dome'", the Israel Airport Authority and the Ministry of Defense of Israel.[1]
Internal investigation
In May 2023 HUB told investors that Nasdaq had warned it for failing to file its 2022 annual report on time, because a special committee of independent directors was still investigating "unexplained expenses incurred by a former senior officer of the Company".[4] In August 2023 the company said the committee "believed that it found sufficient evidence to support a determination" that Eyal Moshe, its former chief executive and board member, had misappropriated about NIS 2 million (about $582,000) for personal use. His employment was ended for cause with effect from 24 July 2023, and he left the board on 15 August 2023.[2] The 2023 annual report adds that the committee reached the same view about Ayelet Bitan, the former chief of staff and Moshe's wife, and that the company had begun legal actions in Israel against both of them to contest their claims for severance pay.[1] These are the company's own findings; the sources consulted do not report Moshe's response or any court ruling.
See also
Notes
- ↑ 1.0 1.1 1.2 1.3 1.4 1.5 HUB Cyber Security Ltd, Form 20-F annual report for the fiscal year ended 31 December 2023, US Securities and Exchange Commission, accessed 21 October 2026.
- ↑ 2.0 2.1 HUB Security, HUB Security Reports Fiscal 2022 Financial Results and Provides Corporate Update (press release filed as Exhibit 99.1 to Form 6-K), US Securities and Exchange Commission, 15 August 2023, accessed 21 October 2026.
- ↑ Frederic Lardinois, Hub Security raises $5M Series A for its cryptography platform, TechCrunch, 7 May 2020, accessed 21 October 2026.
- ↑ HUB Security, HUB Security Receives Notice from Nasdaq Related to Delayed Filing of 2022 Annual Report, Nasdaq (GlobeNewswire press release), 22 May 2023, accessed 21 October 2026.