While other sources claimed Paragon is trying to differentiate itself from other surveillance companies by offering access to apps on a device rather than taking complete control of a device.
Another source claimed Paragon had significant financial backing from the United States, with a venture capital firm investing up to $ 10 million.
Allegedly, Paragon has no customers yet.
But the news comes amid heightened fears about spyware allegedly provided by another Israeli surveillance company.
Last month, reports surfaced that authoritarian governments around the world were using hacking software allegedly made by the Israeli NGO Group. This spyware called Pegasus is malware that can attack iPhone and Android devices to extract photos and emails, stealthily activate microphones, and record calls.