CyberOwl, a cyber security company whose platform helps to safeguard transport and infrastructure systems has raised £1.8M (US$2.26M) to help expand its business in the maritime sector
In 2019, the company secured seed funding from Mercia’s EIS funds, Midlands Engine Investment Fund (MEIF), the Proof of Concept & Early Stage Fund managed by Mercia and 24 Haymarket, a private investment firm.
This latest investment is expected to allow the company to expand its client base and establish itself in maritime cyber security for shipping lines and port operators.
CyberOwl chief executive Daniel Ng said “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.”
Mercia said the company has generated interest from businesses in the past year and is emerging “as a leader in cyber security for the maritime industry.” Mercia investment manager David Baker said the new round of investment will allow it to capitalise on the opportunities created to date.
Greater Birmingham and Solihull Local Enterprise Partnership board director for access to finance Pat Hanlon 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.”
CyberOwl, founded in 2016, provides early warning of cyber security breaches in assets such as ships, ports, industrial plants and infrastructure and sets out priorities on how to tackle them. The company has been working with maritime operators in Greece, Singapore and Asia.
The MEIF project is a state-run project supported by the British Business Bank, GBSLEP and the EU, using funding from the European Regional Development Fund as part of the European Structural and Investment Funds Growth Programme 2014-2020 and the European Investment Bank.
The maritime sector has been targeted by cyber criminals and IMO’s new cyber security regulations mandate that owners must address cyber risks in existing safety management systems no later than the first annual verification of a company’s Document of Compliance from 1 January 2021.
Riviera will host a series of free to attend 45-minute webinars on subjects ranging from maritime propulsion to vessel optimisation, ballast water management and maritime air pollution among many others commencing 5 May 2020. Find a list of the webinars and register your interest now