L-R: Ben Waters, Vaughan Shanks (Cydarm)
Cyber security software vendor Cydarm has secured over $3 million in its second equity round to improve its product offering.
According to the vendor's co-founder, Vaughn Shanks, the investment will allow Cydarm to enhance its platform of the same name, which will include further integration and automation features.
This, he said, will require the recruitment of additional staff that are either based in Melbourne, or are located anywhere in the country to work remotely.
In addition to recruitment, Cydarm is also looking at global expansion, which ARN understands includes export opportunities in the US as well as Japan.
Leading the equity round was InterValley Ventures while Right Click Capital doubled its initial investment in Cydarm from back in 2018 and Five V Capital joined as a new investor. In addition, several unnamed cyber security executives were also involved in the equity round.
InterValley focuses on leveraging early stage Australian technology companies into the Japanese market, according to its website.
Aside from Cydarm, InterValley’s technology portfolio also includes space-tech startup Myriota and encryption business Quintessence Labs.
“We saw Cydarm as clearly innovating in the internationally important area of cyber security,” said Simon Wright, general partner at InterValley.
“As such Cydarm represented a perfect addition to our portfolio where are wanting to focus on disruptive business models that address problems of global importance. We also saw it as a notable example of Australian innovation.”
Since opening in 2017, Cydarm has been involved with a number of projects, including its work with Elttam, Penten and Retrospect Labs to create a pilot of a fully online, collective cyber training program for the Australian Defence Force (ADF) in 2020.
It also showcased its cyber credentials, along with 11 other cyber security specialists, as part of a government-backed delegation in the UK back in 2018.
