Release 16/013 21st December 2016 PRESS RELEASE CROSSWORD'S SPIN OUT COMPANY, CYBEROWL LTD, RAISES OVER £500K TO ACCELERATE PRODUCT DEVELOPMENT Crossword Cybersecurity Plc (ISDX: CCS, "Crossword"), the ISDX listed technology commercialisation ...
Release 16/013 21st December 2016
CROSSWORD'S SPIN OUT COMPANY, CYBEROWL LTD, RAISES OVER £500K TO ACCELERATE PRODUCT DEVELOPMENT
Crossword Cybersecurity Plc (ISDX: CCS, "Crossword"), the ISDX listed technology commercialisation company focusing exclusively on the cyber security sector, and Coventry University have seen their spin out venture, CyberOwl Ltd complete a successful fundraising, securing a further £510,000. Mercia Fund Management and Coventry University Enterprises invested the additional funds to accelerate product development. This investment will enable CyberOwl to rapidly develop its leading edge target centric network monitoring product aimed at the fast growing Smart Cities and Internet of Things arena.
CyberOwl is developing a scalable early-warning system for network security to address complex networks, such as the Internet of Things, which is predicted to include over 50 billion connected devices by 2020 according to Cisco. Its software is based on research shortlisted for the Lloyds Science of Risk prize, conducted by Dr Siraj Shaikh, Reader in Cybersecurity at the University of Coventry.
Since Mercia Fund Management's initial investment in April 2016, CyberOwl has hired an outstanding management team, developed a proof of concept and entered discussions with several potential blue-chip defence and security partners. Former Associate Director at KPMG Daniel Ng has joined as CEO, and Ken Woghiren, former Head of Architecture and Strategy at BBC Worldwide and ASOS, has been appointed as CTO. With Daniel on board, Tom Ilube, Crossword CEO, has moved to Non-executive Chairman.
Tom Ilube, Crossword's CEO said "CyberOwl has established its market potential through a successful proof of concept and the appointment of an experienced management team with extensive knowledge of the cyber security sector. We are delighted that Coventry University and Mercia Fund Management have invested additional funds in CyberOwl."
"Organisations need an early warning system to stop an attack in its tracks before significant damage is done" said Daniel Ng, CEO of CyberOwl. "It is clear from our discussions with potential partners that CyberOwl's target centric network monitoring approach overcomes the challenges of stealthy, slow-moving, sophisticated attacks on increasingly complex networks. This investment is a huge boost in helping us take our first product to market and grow our capability."
FOR FURTHER INFORMATION PLEASE CONTACT:
Tom Ilube, CEO Crossword Cybersecurity Plc
Tel: +44 (0)208 973 2350
Daniel Ng, CEO CyberOwl Ltd
ISDX Corporate Advisor (Crossword)
Nick Michaels and Jon Isaacs, Alfred Henry Corporate Finance Limited
Tel: +44 207 251 3762
ISDX Corporate Broker (Crossword)
Claire Louise Noyce, CEO, Hybridan LLP
Tel: +44 (0)203 764 2341
- ENDS -
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Crossword Cybersecurity Plc via Globenewswire
Source(s) : Crossword Cybersecurity Plc
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