Isle of Man-based consultancy firm Sorcery has partnered with Norcliffe Capital in a bid to raise more than £8m to invest in technology business Wi-Fi Securities.
The funds will be used to catalyse development of Wi-Fi Securities’ patented SpriteGuard product, which protects open access Wi-Fi networks and prevents customers in hotels or coffee shops from falling prey to so-called ‘Evil Twin’ attacks, where fake Wi-Fi hotspots are set up to steal people’s data.
Wi-Fi Securities, based at Liverpool Science Park, is already testing SpriteGuard at several leading hotels in London prior to a planned wider roll-out in 2020. Wider applications range from protecting internet users in train stations and shopping malls, to restaurants and bars.
Sorcery, which has a regional office at Stanley Grange in Knowsley, and Norcliffe Capital hope to raise £8.4m through the Enterprise Innovation Scheme (EIS) to enhance the testing process and bring the product to market more effectively.
“Liverpool is recognised as a world leader in digital technology and the team at Wi-Fi Securities have worked strenuously to get SpriteGuard to the point where this innovative product can be brought to the market and help to protect people from the growing threat of cyber-crime,” said David Onions, co-founder of Sorcery.
Patricia Reynolds, director at Norcliffe Capital, added: “It’s fitting that our first project with Sorcery is a business based at Liverpool Science Park, in the heart of Liverpool’s Knowledge Quarter. We see the synergy between the Isle of Man, Liverpool and the wider North West as being fundamental to our business plan – finding and helping science and tech businesses to grow and succeed.”