Funding from a consortium of international investors – Mainport Innovation Fund II, Wentworth Limited, and Breed Reply – to more than double the size of the RazorSecure team and drive European and US expansion
Basingstoke, UK RazorSecure has raised £2.6 million from a jointly-led consortium of investors to support the Company’s international expansion and to grow the business. RazorSecure's advanced cybersecurity software secures critical transport systems from the growing risks of cybercrime.
The investment consortium includes: Mainport Innovation Fund II, a leading Dutch venture capital fund focused on the transport sector; growth investor, Wentworth Limited; and, Europe’s leading Internet of Things (IoT) investor, Breed Reply. Breed Reply initially invested in RazorSecure in 2016. Founded by Alex Cowan in 2015, RazorSecure has so far raised more than £4 million, including the new round.
RazorSecure’s primary customers are in the rail and aviation sectors. The Company’s ambition is to serve a broader market. This includes the automotive and shipping industries, both in the UK and across the Globe. The funding will help RazorSecure enter these sectors, and the Company plans to more than double its team from 12 to 27 people to deliver its strategy. As well as investment, the Consortium will provide strategic advice and support to help the Company fulfil its ambitions.
Since it launched, RazorSecure has worked with transport operators and system suppliers such as Arriva, Icomera, Nomad Digital and VT Miltope to defend their brand reputation and operational continuity in their systems from cyber-attacks. By using artificial intelligence, RazorSecure’s software detects how a system operates typically, and then identifies any deviation from it as a possible threat. This is a different approach to traditional cybersecurity software which focuses on known viruses and hacks.
RazorSecure’s distinctive approach enables it to keep the number of hacks to a minimum while remaining effective for the life of the system. One key advantage of the RazorSecure solution is that it does not require a permanent connection to the internet, which is critical in transport systems. Due to their importance, and millions of passengers, transport systems are an attractive target for hackers. A potential hack can result in inconveniences for travellers, for instance through theft of data, or travel disruptions, or in worst-case scenarios, put safety at risk.
Alex Cowan, Founder, RazorSecure said: “"2019 was a good year for RazorSecure as we secured great international customers and partners. With the strategic vision and investment of our investors, we aim to more than double the size of our team, and expand our international customer base. We want to take advantage of the incredible growth opportunities we see.”
“The world is waking up to the vulnerability of transport systems to cybercrime. Since May 2018, the European NIS Directive requires transport organisations to ensure active intrusion protection against cyber risks. Vulnerabilities exist in the most unlikely places throughout a network, and a transport network with many moving vehicles is particularly challenging to protect. Attacks on 'non-critical' networks such as entertainment systems or passenger Wi-Fi seem relatively harmless but can be a gateway for hackers to ‘critical’ safety systems."
Thijs Gitmans, Fund manager, Mainport Innovation Fund II, said: "In a digitalized world, cyber-attacks pose a growing threat to the security of transportation. RazorSecure has a smart team that developed a state-of-the-art cybersecurity solution for transportation and that is hence relevant for all our focus industries. We look forward to working with them".
Emanuele Angelidis, Managing Partner, Breed Reply, said: “Since we first met Alex and his team in 2016, RazorSecure has gone from strength to strength. Their solution has proved itself to be exceptional in meeting the needs of transport operators that need to protect themselves from cyber-attacks, and it is clear that demand is growing, as threats have increased. We look forward to helping RazorSecure to reach the next stage of its ambitions.”
Contact
Robin Tozer / Megan Kovach +44 (0)20 3757 6880
Newgate Communications breedreply@newgatescomms.com
About RazorSecure
RazorSecure is an innovative British company delivering intrusion and anomaly detection software powered by patented machine-based learning. Protecting assets in a cyber physical environment, we work with transport operators and system suppliers such as Arriva, Icomera, Nomad Digital and VT Miltope to defend their brand reputation and operational continuity across rail and aviation. RazorSecure have previously participated in the GCHQ Cyber Accelerator in association with Wayra, working with the GCHQ team for 9 months and gaining unique insight into some challenges for securing critical infrastructure using artificial intelligence.
About Mainport Innovation Fund II
MIF II was founded in 2015 by Schiphol Airport, KLM Airlines, TU Delft, NS Dutch Railways and Port of Amsterdam, together with NBI Investors, the manager of the fund. They help entrepreneurs accelerate by combining VC funding with the expertise and global network of their partners.
MIF II focuses on innovations in Logistics, Transport and Aviation. Previous investments include Viriciti, C Teleport, Mobian, Aiir Innovations, We4Sea and Supplystack.
About Wentworth Limited
Wentworth has a track record of successfully investing in growth situations. It is known for its proactive involvement in companies in which it takes a stake and its network of contacts will be particularly useful to RazorSecure as the business grows.
About Breed Reply
Breed Reply, Reply's active operational investor, funds and supports the development of early-stage companies in the Internet of Things (IoT) in Europe and the USA. Based in London, with operational offices in Italy, Breed Reply supports entrepreneurs and young talent by quickly bringing new ideas to the market. This is done via three fundamental services: funding at early-stage level; active operational involvement with significant know how transfer of business, managerial and technological expertise; and go-to market support through the extensive Reply network. Breed Reply focuses on Health, Fitness & Wellness, Smart Building & Cities, Security, Industrial IoT, Big Data, Platforms, Drones. For more information, please visit www.reply.com/breed-reply