UK-based but globally-minded CyberOwl, a cyber curity startup whose platform helps to safeguard transport and infrastructure systems, has raised a further €2 million to help expand its business in the maritime sector.
CyberOwl, founded in 2016, provides early warning of cyber security breaches in assets such as ships, ports, industrial plants and infrastructure and sets out clear priorities on how to tackle them. Maritime security is a hot topic right now, with the International Maritime Organisation having ordered fleet operators to address their cyber security by 1 January 2021, due to increasing targets by cyber criminals and facing pressure from regulators. The startup, which is Coventry University spinout, has already been working with maritime operators in Greece, Singapore and Asia.
The recent funding round was led by 24 Haymarket, Mercia’s EIS funds, and the MEIF Proof of Concept & Early Stage Fund, which is managed by Mercia as part of the Midlands Engine Investment Fund. The latest investment will allow the company to expand its global client base and establish itself as a leader in cyber security for shipping lines and port operators.
The Midlands Engine Investment Fund project is supported financially by the European Union using funding from the European Regional Development Fund (ERDF) as part of the European Structural and Investment Funds Growth Programme 2014-2020 and the European Investment Bank.
CEO of CyberOwl, Dan Ng, said: “The world may be adjusting to a new reality but cyber attackers have had years of experience in remote working and thrive in chaotic environments like this. The Covid-19 crisis will put even greater pressure on maritime operators to manage their cyber risks. This round of investment puts us in a strong position to help them continue to secure their systems and comply with security standards.”
David Baker, Investment Manager with Mercia, added: “Mercia has supported CyberOwl from the early days and we are pleased to do so once again in this latest funding round. CyberOwl has made real progress in generating interest from businesses in the past year and is emerging as a leader in cybersecurity for the maritime industry. This further investment will allow it to capitalise on the opportunities created to date.”
Pat Hanlon, Board Director for Access to Finance at GBSLEP, said: “CyberOwl is a hugely ambitious business which has developed at an impressively quick rate and it’s fantastic to be able to provide them with this sort of support. At a time when organisations have had to rely on digital technology more than ever, CyberOwl is providing important support across the globe, and we’re excited to see the business go from strength to strength.”