Maritime cyber risk management firm CyberOwl has successfully secured US$5.1 million in new funding to support the commercial development of its Medulla cyber risk monitoring system.
CyberOwl’s flagship product, Medulla provides remote protective monitoring for vessel IT and connected operational technology (OT) assets. Since its launch in 2019, the application has been used to manage the cyber risk of shipboard systems on approximately 2,000 vessels for companies including Eastern Pacific Shipping, Pacific International Lines, Pacific Carriers Limited and Swire.
The new funding round included follow-on investment from existing investors 24Haymarket and Techstars, in addition to new investment from Brookstreet Equity Partners and Phaze Ventures.
The capital injection will enable CyberOwl to expand its service capabilities and create wider international growth, which the company notes has been limited to the UK, Singapore, and Greece to-date.
The investment will also fund product development for the next generation of the Medulla software and the creation of an associated family of products.
“Cyber-securing shipping systems has become mission critical. This funding round gives us the rocket fuel to continue being the sector’s frontrunner,” said Daniel Ng, CEO of CyberOwl.
“It enables us to ensure that our customers continue to experience the high-quality thought leadership, engagement, technology and service that CyberOwl is known for.”