£2m funding for cybersecurity firm
Posted on June 8, 2021 by Jonathan Symcox
Cybersecurity specialist for the rail industry, RazorSecure, has raised £2 million in its latest round of funding.
It takes the total funds raised by the company since its launch in 2015 to more than £6m.
The investment will help fuel the company’s growth in providing cybersecurity detection platforms to train manufacturers and operators.
The company is already providing support to major suppliers to the rail industry including Arriva and Icomera as well as several train manufacturers.
The investment is supported by existing investors Enterprise M3 Growth Fund; Mainport Innovation Fund II, a leading Dutch venture capital fund focused on the transport sector; Wentworth Limited; and Breed Reply. Breed Reply first invested in RazorSecure in 2016.
Despite the pandemic, RazorSecure has doubled its team size in the last 12 months, driven by strong demand for cyber security services across the rail sector.
The EU Directive on security of network and information systems (NIS Directive) requires EU members to boost the overall level of cyber security in the EU and to develop a culture of security across sectors which are vital for the economy and society, such as utilities and transport.
This has focused rail companies on designing and implementing effective ways to control and manage risk within rail networks.
RazorSecure provides a suite of products and services to protect rail companies from cyberattack. It detects how a system operates and identifies deviations as a possible threat. This is a different approach to traditional cybersecurity software which focuses on protecting data stored on networks rather than control systems.
Alex Cowan, CEO of RazorSecure, commented: “This funding will enable us to further develop our global presence and provide an enhanced level of protection to a growing number of customers in the rail industry.
“We have enjoyed both financial and strategic support from our investors and we will look to deliver significant value to them from this further investment.”