RazorSecure, the advanced cybersecurity software that secures critical transport systems from the growing risks of cybercrime, has raised £2.6 million from a jointly-led consortium of investors to support the company’s international expansion and to grow the business.
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.
RazorSecure’s primary customers are in the rail and aviation sectors. The Company’s ambition is to serve a broader market, including the automotive and shipping industries. 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.
RazorSecure’s distinctive approach enables it to keep the number of hacks to a minimum while remaining effective for the life of the system.
A 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.
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“The world is waking up to the vulnerability of transport systems to cybercrime. 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.”
Emanuele Angelidis, Managing Partner, Breed Reply, added: “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.”
Founded in 2015, RazorSecure has so far raised more than £4 million, including the new round.