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Tuesday, 08 March 2022 14:21

Cydarm raises $3M

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Cydarm co-founders Ben Waters (L) and Vaughan Shanks (R) Cydarm co-founders Ben Waters (L) and Vaughan Shanks (R)

Melbourne-based cybersecurity company Cydarm has closed its second equity round, raising more than $3 million.

The equity round was led by Australian venture capital fund InterValley Ventures, with Right Click Capital adding to its 2018 investment in Cydarm.

Five V Capital and several individual cyber security executives were new investors in the company.

InterValley Ventures general partner Simon Wright said "We saw Cydarm as clearly innovating in the internationally important area of cyber security.

"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."

The Cydarm platform enables fast and consistent incident response, and has already attracted customers in the federal and state government, defence, financial services, higher education, and managed security services sectors.

"This investment allows us to advance the vision for the platform including further integration and automation features. Of course, to do this we need to recruit more staff. We're looking for passionate people with an interest in cyber either based in Melbourne or willing to work remotely nationwide," said Cydarm CEO and co-founder Dr Vaughan Shanks.

Cydarm was one of the first graduates of the CyRise accelerator program, designed to support world- class cyber security start-ups and is now a mentor for the program.

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Stephen Withers

Stephen Withers is one of Australia¹s most experienced IT journalists, having begun his career in the days of 8-bit 'microcomputers'. He covers the gamut from gadgets to enterprise systems. In previous lives he has been an academic, a systems programmer, an IT support manager, and an online services manager. Stephen holds an honours degree in Management Sciences and a PhD in Industrial and Business Studies.

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