Aussie cyber co’s get $4M boost from AustCyber

Three Australian cyber security companies have today been named as recipients of close to $4 million in funding from AustCyber (the Australian Cyber Security Growth Network).

Sydney-based Cog Systems received $995,500 for a project that improves cyber security for Internet of Things device makers, featuring software to incorporate secure-by-design techniques into hardware platforms.

Melbourne company Forticode will use its $1,285,450in funding to create a highly scalable cryptographic-based technology for the independent authentication of personal data stored and managed on mobile devices.

Sydney firm Laava ID took $1,594,400 for a Smart Fingerprint project that enables people to identify and verify the quality of the products they buy through their smartphone, among other uses.

AustCyber, a federally funded private entity, established its ‘Project Fund’ fund-matching scheme for large and small businesses at the beginning of the year.

The scheme supports projects that address one or more of the four ‘knowledge priorities’ put forward in AustCyber’sCyber Security Sector Competitiveness Planreleased in 2017.

“The growing demand for cyber security products and services is a significant economic opportunity for Australia. A thriving and dynamic cyber security sector in Australia will create new jobs and revenue, but is equally important to enable the domestic and international success of other Australian industries,” said AustCyber CEO Michelle Price.

“AustCyber looks forward to working with recipients and their partners as they deliver on their projects over the next twelve months and will continue to identify and support cyber security innovation through to commercialisation,” Price added.

The first tranche of funding recipients were announced in August. They included WithYouWithMe, Fifth Domain, Deception.ai, Cybermerc, the University of Sydney, QuadIQand Vault Systems.

AustCyber – established in January 2017 under the Australian Government’s Industry Growth Centres initiative – last week announced its fourth ‘cyber security innovation node’in New South Wales.