A cybersecurity firm has raised £1.8 million in new funding to target overseas growth as it warns of increased vulnerability among firms during the coronavirus crisis.
CyberOwl, which moved its HQ from London to Birmingham last year following a previous £1 million fundraise, develops platforms which aim to safeguard critical infrastructure and smart transport systems from cyber attacks.
It has secured the new funding from 24 Haymarket, Mercia and the Midlands Engine Investment Fund which will allow the company to expand its global client base and target clients needing cybersecurity for shipping lines and port operators.
The business was founded in 2016 as a spinout from Coventry University and is led by chief executive Daniel Ng, chief technical officer Ken Woghiren and Siraj Shaikh, professor of security systems at Coventry University.
It has been working with maritime operators in Greece, Singapore and Asia.
CyberOwl said the sector was being increasingly targeted by cybercriminals and facing pressure from regulators after the International Maritime Organisation ordered fleet operators to address their cybersecurity by January.
Mr Ng said: "The world may be adjusting to a new reality but cyber attackers have had years of experience in remote working and thrive in chaotic environments like this.
"The covid-19 crisis will put even greater pressure on maritime operators to manage their cyber risks.
"This round of investment puts us in a strong position to help them continue to secure their systems and comply with security standards."
