While other sources claimed Paragon was trying to differentiate itself from other surveillance firms by offering access to apps on a device, instead of taking complete control of a device.
Another source claimed Paragon has significant financial backing from the US, with one venture capital firm putting in up to $10million into it.
As of yet, Paragon reportedly doesn’t have any customers.
But the news comes amid heightened fears surround spyware allegedly provided by another Israeli surveillance firm.
Last month, reports emerged that authoritarian governments around the world had been using hacking software allegedly made by Israeli company the NGO Group. This spyware, called Pegasus, is malware that can attack iPhone and Android devices to extract photos, emails, covertly activate microphones and record calls.