IP Group has joined forces with tech transfer company Crossword Cybersecurity to target the launch of more cybersecurity spinouts.
UK-based commercialisation firm IP Group and its cybersecurity-focused tech transfer peer Crossword Cybersecurity have signed a memorandum of understanding (MoU) to found cybersecurity spinouts.
The MoU will act as a framework for both parties to examine the technical and commercial potential of university cybersecurity technologies.
They hope to close the gap between the UK’s cybersecurity research sector and that of other advanced countries, seeing academic institutions as a rich, largely untapped source of research with the potential to underpin commercial products and companies.
Crossword is already tracking hundreds of projects in the sector that could become a spinout under the MoU.
The company’s portfolio includes Cyberowl, a joint venture with Coventry University focused on detecting cyberattacks that raised $212,000 in 2016, and ByzGen, a blockchain technology spinout of University of Warwick and École polytechnique fédérale de Lausanne.
Tom Illube, chief executive of Crossword, said: “Crossword is delighted to be working with IP Group on identifying and commercialising innovative cybersecurity research emerging from universities worldwide.
“IP Group pioneered the concept of the long-term partnership model with universities and coupled with Crossword’s deep cybersecurity expertise, we anticipate creating exciting new ventures together.”
Lee Thornton, director of new business and partnerships at IP Group, added: “Crossword share our vision of building next-generation businesses founded on world-leading science, and by pooling our commercial and technical expertise we hope to generate significant value in this high-growth sector.”
