Home Breaking News Cybersecurity startup OceanShield raises US$ 800K in seed funding

Cybersecurity startup OceanShield raises US$ 800K in seed funding

Singaporean Startup

Cybersecurity startup OceanShield raises US$800K in seed funding
Cybersecurity startup OceanShield raises US$800K in seed funding
Singapore-based cybersecurity startup focusing on the maritime industry, OceanShield has secured US$ 800K in a seed funding round from Masik Enterprise, various angel investors, and grant funding in February 2021.
The startup will use proceeds from the funding round to commercialize its solution. It also plans to deploy its technology into the market soon. The startup intends to expand its services globally but is currently focusing on building its presence in Asia, which it says is the world’s shipbuilding centre.
Brian Worning, Head of Commercial at OceanShield said as their product caters to the protection of vessel Operational Technology (OT), the commercialization process is essential for the startup to create awareness that this type of solution now exists.

Dr Dmitry Mikhaylov, a scientist, serial entrepreneur and private-equity professional in the deep tech industry, founded the startup in 2020. OceanShield provides patented cybersecurity solutions to shield the OT systems of vessels, ports, maritime, and offshore infrastructure.

Its patented central Intrusion Detection System (IDS) is a hardware/software complex designed to read and analyze the industrial protocols in vessel OT networks and provide real-time intrusion warnings.

Brian Worning asserted the importance of their solution by saying that vessel OT’s have some of the most critical systems that can result in tragic incidents. For instance, incorrect data in navigation systems can cause a vessel to lose its location and navigation control which in turn can cause rerouting or crash. Although multiple marine IT protection solutions exist, the OT side has mostly been unheeded due to the specialized expertise and technology required to offer functional OT protection, the startup said. Its R&D team continues to detect new susceptibilities in typical vessel networks, which would enable an impostor with even modest skills to cause problems in critical vessel systems.

Mikhail Zeldovich, Managing Director of Masik Enterprises who also recently joined OceanShield’s board as its chairman, was quoted to have said, “The maritime cybersecurity domain has focused on IT protection until now, while the threats have already matured and migrated into OT, especially with the increase in COVID-related remote services and updates. With our deep tech-driven insight on the OT side, OceanShield is uniquely positioned to carve a niche in this nascent market. We are especially encouraged by the fact that we are successfully engaging top maritime players and institutions and receive positive feedback on both the quality and unique technological approach of our IDS.”

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Aishwarya writes about the startup ecosystem on VCBay. She is a third-year Computer Science engineering student who looks forward to exploring the world of startups and finance.

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