CyberOwl, a London, UK-based cybersecurity platform tom safeguard critical infrastructure and smart transport systems from attack, closed a further £1m funding round.
Backers included 24 Haymarket, Mercia, and the MEIF Proof of Concept & Early Stage Fund, which is managed by Mercia and part of the Midlands Engine Investment Fund. As part of the investment, Matthew Bowcock has been appointed to the board as the 24Haymarket Investor Director.
The company intends to use the funds to scale up the commercialization of its Medulla platform and open an office in Birmingham, creating six jobs.
Founded in 2016 as a Coventry University spinout, CyberOwl 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 so security professionals know ‘which fires to put out first’.
The company is led by Dan Ng, Ken Woghiren and Coventry University Professor Siraj Shaikh.