The firm behind a cybersecurity company platform designed to safeguard transport and infrastructure systems has raised a further £1.8m to help it expand its business in the maritime sector.
CyberOwl has secured funding from 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.
CyberOwl, which has offices in Birmingham and London, provides early warning of cybersecurity breaches in assets such as ships, ports, industrial plants and infrastructure and sets out clear priorities on how to tackle them.
The company, which was founded in 2016 as a Coventry University spinout, has been working with maritime operators in Greece, Singapore and Asia, in a sector increasingly targeted by cybercriminals and facing pressure from regulators.
The International Maritime Organisation has ordered fleet operators to address their cybersecurity by 1 January 2021.
CEO of CyberOwl, Dan Ng, warned that cyber attackers have had years of experience in remote working, and would cease opportunities presented by the lockdown.
“The Covid-19 crisis will put even greater pressure on maritime operators to manage their cyber risks,” he said.
“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.”