Melbourne start-ups rise to the cyber security challenge

Published: 9 November 2017

Four Victorian start-ups have been chosen to take part in Australia's first cyber security accelerator program.

Brooklyn Dynamics, CYDARM, NetCrypt and Cybercitadel will be among the first graduates of the program, to be delivered by CyRise, a Melbourne-based cyber security accelerator backed by the Victorian Government.

Each start-up will be mentored to help condense two years' growth into an intensive six-month program, and receive $50,000 to support initial validation, product development, growth and scaling.

The participants will also work alongside tech experts from Deakin University, and travel to Israel and the US, countries recognised for their cyber security strengths.

CyRise is jointly backed by Dimension Data, Deakin University and LaunchVic, Victoria's $60 million startup development agency. It received $450,000 in August 2016 to deliver a cyber security accelerator program from LaunchVic's first funding round.

Victoria is rapidly emerging as a leading Asia Pacific hub for the $120 billion global cyber security industry. Cybercrime costs Australia's economy upward of $17 billion a year.