# Gili Raanan

> Gili Raanan is an Israeli cybersecurity pioneer turned venture capitalist who invented CAPTCHA, co-created the world's first Web Application Firewall, and then built Cyberstarts — a seed-only VC that turned $54M into over $1B and backed Wiz, the $32B cloud-security juggernaut acquired by Google in 2025. A decade in IDF Unit 8200, two successful exits, nine years as a Sequoia Capital Israel GP, and $1.4B+ in capital raised makes him arguably the most influential figure in the Israeli cyber startup ecosystem.

- **Role:** Founder and General Partner at Cyberstarts
- **Organizations:** Cyberstarts, Sequoia Capital Israel, Sanctum, nLayers, EMC Corporation, IDF Unit 8200
- **From:** Israel
- **Nationality:** Israeli
- **Education:** Bachelor of Computer Science and Economics, Tel Aviv University, MBA, Tel Aviv University, Recanati Business School
- **Known for:** Invented CAPTCHA technology (1997 US patent priority date), Co-created the world's first Web Application Firewall (AppShield, 1997), Co-created AppScan, the world's first web security vulnerability scanner (2000)

## Career timeline

- **~1987-1997** — Served approximately 10 years in IDF Unit 8200; received Israeli Intelligence Forces Innovation Award (1992) and Israel Defense Presidential Prize (1996)
- **1997** — Co-founded Sanctum (originally Perfecto Technologies), building AppShield - the world's first Web Application Firewall
- **1997** — Filed US patent application for CAPTCHA technology
- **2000** — Sanctum launched AppScan, the world's first web security vulnerability assessment tool
- **2004** — Sanctum acquired by Watchfire for ~$40M (later sold to IBM in 2007)
- **2003** — Co-founded nLayers, focused on application discovery and mapping software
- **2006** — nLayers acquired by EMC Corporation for ~$50M; Raanan joined EMC as VP of Strategy
- **2009** — Joined Sequoia Capital Israel as General Partner, focusing on cybersecurity, internet, mobile, and technology
- **2015** — Invested in Adallom at Sequoia; Adallom sold to Microsoft for $320M; Adallom's founders went on to build Wiz
- **2018** — Left Sequoia to found Cyberstarts, a seed-only cybersecurity VC, raising $54M for Fund I
- **2020** — Armis (Cyberstarts portfolio) acquired at $1.1B valuation; Moovit acquired by Intel for $900M
- **2021** — Cyberstarts closed Fund II at ~$100M
- **2023** — Cyberstarts closed $480M Opportunity Fund I for follow-on investments
- **2024** — Cyberstarts raised $60M for Seed Fund IV; Sunrise CISO advisor program controversy erupted
- **2025-02** — Acquired 10% stake in Hapoel IBI Tel Aviv Basketball Club
- **2025-03** — Google completed $32B acquisition of Wiz; Cyberstarts' ~4% stake worth ~$1.3-1.6B
- **2025-07** — Cyberstarts launched $300M Employee Liquidity Fund, crossing $1B total capital
- **2025-09** — Cyberstarts closed $380M Opportunity Fund II

## Achievements

- Invented CAPTCHA technology (1997 US patent priority date)
- Co-created the world's first Web Application Firewall (AppShield, 1997)
- Co-created AppScan, the world's first web security vulnerability scanner (2000)
- Israeli Intelligence Forces Innovation Award (1992)
- Israel Defense Presidential Prize (1996)
- Holds 10+ US patents in cybersecurity and security algorithms
- Forbes Midas List 2025 #24
- Forbes Seed List #3
- Turned Cyberstarts Fund I ($54M) into 100%+ IRR with portfolio value exceeding $1B
- Built Cyberstarts portfolio to $55B+ combined valuation with 1 decacorn, 7 unicorns
- Backed Wiz at seed - later acquired by Google for $32B
- Cyberstarts total capital commitments exceed $1.4B across 7 funds
- All three early Cyberstarts seed funds show IRR of more than 100%

## Latest updates

- **2025-09** — Cyberstarts closed $380M Opportunity Fund II
- **2025-07** — Cyberstarts launched $300M Employee Liquidity Fund, providing annual secondary windows for employees of portfolio companies
- **2025-04** — Forbes Midas List 2025 ranked Raanan #24 globally and #3 on the Seed List
- **2025-03** — Google completed $32B acquisition of Wiz, Cyberstarts' most iconic portfolio company
- **2025-02** — Acquired 10% stake in Hapoel IBI Tel Aviv Basketball Club
- **2024-10** — Cyberstarts raised $60M for its fourth seed fund
- **2024-06** — Sunrise CISO advisor program controversy; payments suspended pending review

## Links

- Website: https://cyberstarts.com
- LinkedIn: https://www.linkedin.com/in/giliraanan/
- Twitter/X: https://x.com/giliraanan

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Profile page: https://yespress.io/gili-raanan
Published by YesPress — https://yespress.io
Last updated: 2026-04-30