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Press Release: CROSSWORD'S SPIN OUT COMPANY, CYBEROWL LTD, RAISES OVER GBP500K TO ACCELERATE PRODUCT DEVELOPMENT

 
   Release 16/013                                                                                                 21st December 2016 
 
 
   PRESS RELEASE 
 
   CROSSWORD'S SPIN OUT COMPANY, CYBEROWL LTD, RAISES OVER GBP500K TO 
ACCELERATE PRODUCT DEVELOPMENT 
 
   Crossword Cybersecurity Plc (ISDX: CCS, "Crossword"), the ISDX listed 
technology commercialisation company focusing exclusively on the cyber 
security sector, and Coventry University have seen their spin out 
venture, CyberOwl Ltd complete a successful fundraising, securing a 
further GBP510,000. Mercia Fund Management and Coventry University 
Enterprises invested the additional funds to accelerate product 
development. This investment will enable CyberOwl to rapidly develop its 
leading edge target centric network monitoring product aimed at the fast 
growing Smart Cities and Internet of Things arena. 
 
   CyberOwl is developing a scalable early-warning system for network 
security to address complex networks, such as the Internet of Things, 
which is predicted to include over 50 billion connected devices by 2020 
according to Cisco.  Its software is based on research shortlisted for 
the Lloyds Science of Risk prize, conducted by Dr Siraj Shaikh, Reader 
in Cybersecurity at the University of Coventry. 
 
   Since Mercia Fund Management's initial investment in April 2016, 
CyberOwl has hired an outstanding management team, developed a proof of 
concept and entered discussions with several potential blue-chip defence 
and security partners.  Former Associate Director at KPMG Daniel Ng has 
joined as CEO, and Ken Woghiren, former Head of Architecture and 
Strategy at BBC Worldwide and ASOS, has been appointed as CTO.  With 
Daniel on board, Tom Ilube, Crossword CEO, has moved to Non-executive 
Chairman. 
 
   Tom Ilube, Crossword's CEO said "CyberOwl has established its market 
potential through a successful proof of concept and the appointment of 
an experienced management team with extensive knowledge of the cyber 
security sector. We are delighted that Coventry University and Mercia 
Fund Management have invested additional funds in CyberOwl." 
 
 
 
   "Organisations need an early warning system to stop an attack in its 
tracks before significant damage is done" said Daniel Ng, CEO of 
CyberOwl. "It is clear from our discussions with potential partners that 
CyberOwl's target centric network monitoring approach overcomes the 
challenges of stealthy, slow-moving, sophisticated attacks on 
increasingly complex networks. This investment is a huge boost in 
helping us take our first product to market and grow our capability." 
 
   ENDS 
 
   FOR FURTHER INFORMATION PLEASE CONTACT: 
 
   Tom Ilube, CEO Crossword Cybersecurity Plc 
 
   www.crosswordcybersecurity.com 
 
   Tel: +44 (0)208 973 2350 
 
   Email: info@crosswordcybersecurity.com 
 
   Twitter: @crosswordcyber 
 
   Daniel Ng, CEO CyberOwl Ltd 
 
   www.cyberowl.io 
 
   Email: daniel.ng@cyberowl.io 
 
   ISDX Corporate Advisor (Crossword) 
 
   Nick Michaels and Jon Isaacs, Alfred Henry Corporate Finance Limited 
 
   www.alfredhenry.com 
 
   Tel: +44 207 251 3762 
 
   ISDX Corporate Broker (Crossword) 
 
   Claire Louise Noyce, CEO, Hybridan LLP 
 
   Tel: +44 (0)203 764 2341 
 
   Email: claire.noyce@hybridan.com 
 
   -  ENDS  - 
 
   This announcement is distributed by Nasdaq Corporate Solutions on behalf 
of Nasdaq Corporate Solutions clients. 
 
   The issuer of this announcement warrants that they are solely 
responsible for the content, accuracy and originality of the information 
contained therein. 
 
   Source: Crossword Cybersecurity Plc via Globenewswire 
 
 
  https://www.crosswordcybersecurity.com/ 
 

(END) Dow Jones Newswires

December 21, 2016 06:52 ET (11:52 GMT)