Former Paragon CEO Idan Nuriq to Launch New AI Cyber Firm

Idan Nuriq, CEO and co-founder of the offensive cyber company Paragon, is planning to establish a new artificial intelligence (AI) cybersecurity firm. Nuriq, who is set to leave Paragon in two months after selling it to American defense investment fund AE, has already secured commitments from prominent investors for the new venture, which has yet to be formally established. Among the interested parties are Sequoia Capital partner Shaun Maguire and former NBA player Omri Casspi's Swish fund.

Nuriq is reportedly seeking a technological partner for the new company. A leading candidate is a senior officer identified as Lt. Col. D., a graduate of the Talpiot program who recently began his military release leave. Lt. Col. D. previously co-founded Netz-Gaia Capital, a venture capital fund investing in Israeli cyber companies, and his potential involvement has generated significant excitement among investors, particularly US-based venture capital firms specializing in Israeli cybersecurity.

Paragon, which Nuriq co-founded with retired Brigadier General Ehud Shaney-son (former commander of Unit 8200), was sold two years ago along with Barak Latice to AE for $900 million. AE then merged Paragon and Radlatice into the SPAC Bold Eagle, which trades on Nasdaq and has a valuation of $1.25 billion. The combined companies reported revenues of $267 million.

Nuriq has received approval from AE to pursue the new venture while still employed. The involvement of military personnel in such early-stage ventures, even with frozen shares, has previously generated significant investor interest, as seen in the case of Descartes, another Netz-Gaia portfolio company. Nuriq stated that the new company will focus on AI, and all steps will be coordinated with Radlatice and AE. No official investment has been finalized, and further details will be shared upon the company's establishment and funding, expected by year-end.