UK-headquartered CyberOwl has secured £1.8 million in new funding from a range of investors, to support the company in expanding its global client base and further establishing itself in the cybersecurity market for shipping lines and port operators.
The CyberOwl system is used to provide early warnings of cybersecurity breaches in assets such as ships, ports, industrial plants and infrastructure, and sets out a list of priorities on how to tackle them.
The company, which was founded in 2016 as a Coventry University spinout, says it has already been working with maritime operators in Greece, Singapore and Asia as it build the business, with an eye on continuing its growth by providing assistance to fleet operators looking to address their cybersecurity in line with the new IMO cyber requirements coming into effect on 1 January, 2021.
“The world may be adjusting to a new reality but cyber attackers have had years of experience in remote working and thrive in chaotic environments like this,” said CEO of CyberOwl, Dan Ng.
“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.”
The funding was raised from 24 Haymarket, Mercia 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 Midlands Engine Investment Fund project is supported financially by the European Union using funding from the European Regional Development Fund (ERDF).
CyberOwl is also part of the ‘Eastern Pacific Accelerator powered by Techstars’ programme in Singapore, supported by Eastern Pacific Shipping (EPS), which is providing support for next generation maritime start-ups.
