Mercia Fund Management aims to keep businesses safe online by investing $212,000 in Coventry University spinout Cyberowl.
Cyberowl, a cybersecurity spinout from Coventry University, has raised £150,000 ($212,000) in a seed round from Mercia Fund Management, according to Startups.co.uk.
Mercia Fund Management provides early, development and growth-stage funding, primarily to spinouts. It is wholly owned by Mercia Technologies, which provides later-stage funding.
Cyberowl is a joint venture between Coventry University and Crossword Cybersecurity, a UK-based computer security company.
The company’s technology uses target-centric monitoring to provide organisations with early detection of cyberattacks. The platform monitors high-value targets within a system and flags unusual behaviour.
Brijesh Roy, investment manager at Mercia Fund Management, said: “We are pleased to provide Cyberowl with its first funding. The company has already received technical validation for its product and […] we are confident that this software will be adopted on an international scale as networks continue to diversify and grow.”
Tom Ilube, chief executive of Crossword, said: “We are delighted to be working with Coventry University and Mercia Fund Management on Cyberowl. Target-centric network monitoring addresses emerging cybersecurity challenges in the projected $400bn smart cities sector and Cyberowl will take this breakthrough research to market.”
