A cybersecurity company whose platform could help to safeguard critical infrastructure and smart transport systems from attack has closed a further £1m funding round.
The funding will allow the London-based company to scale up the commercialization of its Medulla platform and open an office in Birmingham, creating six jobs.
CyberOwl has secured investment from 24 Haymarket, Mercia, and the MEIF Proof of Concept & Early Stage Fund, which is managed by Mercia and part of the Midlands Engine Investment Fund.
The firm was founded in 2016 as a Coventry University spinout and launched Medulla last year to provide early warning of potential cybersecurity breaches in connected industrial systems.
It is working with some of the leading defence, utilities and maritime organisations and uses advanced analytics to monitor the level of cyber risk.
The company was chosen to be one of the first members of the London Office for Rapid Cybersecurity Advancement (LORCA), a £13.5m government initiative to position the UK as a global leader in the industry.
Following the latest investment, CyberOwl will establish a research and development centre in the Midlands to ensure Medulla and associated family of products remaining at the cutting edge.
CyberOwl is led by Dan Ng, Ken Woghiren and Coventry University Professor Siraj Shaikh. As part of the investment, Matthew Bowcock has been appointed to the board as the 24Haymarket Investor Director.
“We are clear at CyberOwl that we need to go where the talent is. We were born out of research at Coventry University and are excited about the prospect of building up a research and development base in the Midlands,” said Ng.
Alistair Forbes, Head of Software & the Internet at Mercia, added: “Mercia has supported CyberOwl since its inception. We are optimistic that our continued financial and operational support, along with that of our new co-investment partner 24 Haymarket, will enable the company to fulfil the promise that we identified when making our initial investment.”