Tech Nation, the growth platform for UK tech scaleups and leaders, has today revealed the 22 cyber security companies selected to join its Cyber 2.0 growth programme. The announcement comes at a time when the world tackles increased cyber security threats in light of COVID-19.
The leading UK cyber security companies that have been selected to join Cyber 2.0 are utilising cutting-edge technologies to provide innovative solutions to improve security and protect businesses and individuals. Many of the issues being tackled by these cyber companies are coming to the fore against the backdrop of COVID-19. Bob’s Business, GlassWall, Hut Six, OutThink and ThinkCyber all provide training to reduce the human risk from scams. Dataswift, ByzGen and Symphonic are all providing innovative data sharing and privacy solutions for both companies and individuals.
Many of the companies joining the programme are also directly providing new solutions and responses to COVID-19. For instance, ByzGen are working closely with strategic partners, to identify ways to improve the exchange of sensitive medical data between primary health providers in the NHS. CyberSmart have created a new Small Business Resilience Hub to help SMEs navigate the transition to remote working safely. PreCog has developed a real-time crime intelligence solution for the government, and can even help monitor social distancing measures.
Over the last few weeks, COVID-19 has begun to be exploited by cyber criminals as part of their cyber operations, with people taking advantage of this unusual and unprecedented situation that we face in light of COVID-19. With an increase in employees working from home and a rise in virtual meetings, there has never been a more urgent time to invest in cyber security.
Cyber security is already a key growth sector in the UK, between 2015 and 2019 UK cyber companies raised £7.8bn. The UK is third in the world for cyber investment after the US and China raising £17.5bn and £16.4bn respectively from 2015 to 2019. But which companies are offering the most innovative and effective cyber solutions?
At a time when cyber security has never been more important, the Cyber programme aims to unlock the growth potential for early-stage cyber scaleups. The programme addresses key issues facing cyber founders, including scaling internationally, scaling company culture and navigating access to clients and stakeholders in the cyber ecosystem.
The cohort represents the up and coming leaders in the cyber sector right across the UK. 45% of the companies joining the cohort have female founders, and 68% of the companies are based outside of the capital. 19% of the cohort are based in Belfast, and 14% of the cohort are based in Edinburgh. Other companies joining the programme are from a broad range of locations across the UK: Barnsley, Newport, Cambridge, Woking, Southampton, Chorley, Milton Keynes and London.
Companies who have previously been on the programme have seen considerable success. White Bullet, an AI risk scoring software provider, doubled their annual recurring revenue, expanded their operations into Asia and forged potential projects in the US off the back of the Cyber 1. 0 trip to New York. Red Sift raised $8.8M Series A finance and started its expansion in the USA market. Awen Collective won a 12 month project with the Ministry of Defence, extending their Dot product into the military and defence domain and increased incoming work orders by 5 times from the previous financial year.