DefenceTech company Labrys Technologies has raised £4.3 million in seed funding.
Labrys says major defence and commercial entities are struggling to centrally coordinate the secure verification, tracking, tasking and payment of a global workforce of teams, networks and communities on the ground.
This is resulting in huge economic wastage, operational risk, over-reliance on unverifiable open-source data sets, and the inability to sustain key human relationships at scale.
In order to solve this problem, the Labrys team – led by its two founders August Lersten and Luke Wattam, with deep experience in military technology applications and operations – are building a software platform that integrates user verification (KYC), location-based tracking, encrypted communications, task management, geo-located media overlay and digital payments within a secure unified application.
The seed raise was led by Project A Ventures with participation from international DefenceTech focused investors including MD-One, Offset Ventures, Marque Ventures and Expedition Fund.
“The success of our seed funding round is a testament to the dedication and dynamism of the Labrys team. We are excited about the potential to drive innovation in defence technology and in the global development and commercial sectors,” said CEO Lersten.
Labrys is already managing a range of multi-million pound contracts spread between the defence (military), humanitarian (international development) and commercial (financial services) sectors.