Coventry cybersecurity firm secures £1m investment
CyberOwl has secured a further £1 million investment to open a new office and create six new jobs.
The Coventry University spinout launched its product Medulla last year to provide early warning of potential cybersecurity breaches in connected industrial systems.
CyberOwl has secured investment from 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.
The funding will allow the London-based company to scale up the commercialisation of its Medulla platform and open an office in Birmingham, creating six jobs.
The company was chosen to be one of the first members of the London Office for Rapid Cybersecurity Advancement (LORCA), a £13.5m government initiative to position the UK as a global leader in the industry.
Following the latest investment, CyberOwl will establish a research and development centre in the Midlands to support Medulla.
CyberOwl is led by Dan Ng, Ken Woghiren and Coventry University Professor Siraj Shaikh. As part of the investment, Matthew Bowcock has been appointed to the board as the 24Haymarket investor Director.
“There is a wealth of technical talent in the Midlands, which is clear from the leading research that repeatedly comes out of the region,” said Dan Ng, CEO or CyberOwl.
“We are clear at CyberOwl that we need to go where the talent is. We were born out of research at Coventry University and are excited about the prospect of building up a research and development base in the MIdlands.”
Alistair Forbes, Head of Software & the Internet at Mercia, added: “Mercia has supported CyberOwl since its inception.
“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.”