Cyber-security firm to set up R&D centre
A Coventry University spin-out has secured £1m funding to create a research and development centre as it develops its cyber-security platform.
CyberOwl has secured investment from 24 Haymarket, Mercia, and the Midlands Engine Investment Fund (MEIF). The MEIF money is from the proof of concept and early stage fund, which is managed by Mercia.
Its platform could help to safeguard critical infrastructure and smart transport systems from attack.
It launched Medulla last year to provide early warning of potential cybersecurity breaches in connected industrial systems and is working with some of the leading defence, utilities and maritime organisations.
The platform uses advanced analytics to monitor the level of cyber risk and set out clear priorities on how to tackle them.
CyberOwl is led by Dan Ng, Ken Woghiren and Coventry University professor Siraj Shaikh, although the business has based itself in London since it was created three years ago.
This funding will create six jobs in Birmingham at its new centre.
Dan Ng, chief executive of CyberOwl, said: “There is a wealth of technical talent in the Midlands, which is clear from the leading research that repeatedly comes out of the region. We are clear at CyberOwl that we need to go where the talent is.”
As part of the investment, Matthew Bowcock has been appointed to the board as the 24Haymarket Investor Director.
Alistair Forbes, head of software and the internet at Mercia, said: “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.”
