Start-ups from Cork’s Security Accelerator aim to raise €5m in funding

4 Feb 2019

From left: Pallav Singh, Kruzr; Surbhi Rathore,; Heiko Baumgartner and Alex Babanin, Nnova; Conor Lyden, Trustap; Laura Mellett, CorkBIC; and Allan Beechinor and Daragh O’Brien, Noppera-Bo. Image: John Allen

Cork is emerging as a safe harbour for innovative infosec start-ups to protect the world.

As many as 30 new jobs stand to be created from start-ups that graduated from the second cohort of CorkBIC’s Security Accelerator and they are in the process of raising €5m in funding.

This cohort of the CorkBIC International Security Accelerator began in mid-October 2018. The accelerator is privately funded and supported by key partners Kernel Capital and Trend Micro.

‘Participating in the accelerator has helped us with refining our business proposition’

The programme invests in early-stage, deep-tech, disruptive companies that are focused on the wider security industry across cybersecurity, artificial intelligence, the internet of things, blockchain, health and bioinformatics, medtech, fintech, regtech, and logistics.

In-depth security

Following 13 weeks of intensive mentoring and in-depth workshops with a focus on the team, technology, business model, market opportunity and investor readiness, six teams are currently seeking investment in their businesses.

According to CorkBIC, the six teams are in the process of raising – some already successful – €5m between them.

Irish companies participating included transaction platform Trustap and AI privacy firm Noppera Bo Technologies, while international start-ups included AI firms Nnova and as well as predictive-tech firm Seclabs & Systems and anti-insurance fraud player Kruzr.

CorkBIC is a private-sector-led organisation, specifically set up to identify and build knowledge-intensive companies based on promising technology and capable, innovative people.

Over the past 30 years, CorkBIC has worked with nearly 500 start-ups and is part of a network of more than 200 BICs throughout Europe, called the European Business and Innovation Centre Network.

Yesterday (3 February), the second cohort held a Demo Day that was attended by investors and seasoned entrepreneurs. The winner of the Most Investable Company was Trustap.

“Winning the Most Investable Company is huge validation of the progress we have made over the past 13 weeks,” said founder Conor Lyden. “Participating in the accelerator has helped us with refining our business proposition, getting investor-ready and ensuring we have the right ‘go to market’ strategy.”

John Kennedy is a journalist who served as editor of Silicon Republic for 17 years