Awen Collective Secures Investment Round Led by Dutch Security TechFund
Dutch Security TechFund, managed by TIIN Capital, has led the third investment round in Awen Collective Ltd. Other investors are SFC Capital and two strategic angel investors from the UK. It is the joint mission of Awen Collective and Dutch Security TechFund to make society safer. For Awen Collective this means creating software to increase the cyber resiliency of Critical National Infrastructure and Manufacturing. Dutch Security TechFund aims to support and invest in businesses which advance this mission.
Investment accelerating expansion
Awen Collective is a company founded and headquartered in Wales in the United Kingdom, and this investment will accelerate expansion not only in the UK, but also The Netherlands and the European Union. This is the first investment in a British company by Dutch Security TechFund, and attracts a unique solution into The Netherlands which fits in seamlessly with the strategy of TIIN Capital to build a broad portfolio of specialist security solution providers.
Awen Collective is enabling a wide range of industrial organisations to discover their operational Technology (OT) devices, networks and vulnerabilities. Sectors include traditional critical national infrastructure (including energy, water, rail and aviation), manufacturing organisations, military and smart cities.
The result of deploying Dot is a decrease in cyber risk and an increase in operational resiliency not only for the organisations that are using Dot, but for the supply chain into society in general. Dot provides value much earlier in the cyber security maturity lifecycle than other competitive products and services in this space and is built to be effective quickly.
Excited to build on the growth
Daniel Lewis, the CEO and Cofounder of Awen Collective: “We are very pleased to work with the investors in this round, each providing not only capital but experienced strategic value to our business. We are looking forward to working with TIIN Capital closely going forward, as we explore the Dutch and wider European markets.” Jules Farrow, the CTO and Cofounder of Awen Collective commented: “I’m delighted to welcome on board our new investors at TIIN Capital, our wonderful angel investors and to once again be working with SFC Capital on this new round of funding. We’re excited to build on the growth Awen Collective has experienced so far and continue to offer our innovative cyber security solutions to the sectors which need it most.”
Reinout vander Meulen, partner Dutch Security TechFund, about the team and product: “We are very excited about Awen’s offering in the OT Security domain. The team’s professional expertise in IT, OT and Cybersecurity clearly shows, and that counts!”. Michael Lucassen, managing partner TIIN Capital, adds; “We welcome Awen Collective as a portfolio company since we earmarked the OT Security market as a top trend in Cybersecurity, being crucial in identifying potential cyber threats and attacks on operational infrastructures”.
The two angel investors, Paul Dennis and Paul Rix both have experience within the industrial sector. Paul Dennis said about his investment “having been involved in the industrial automation business for more than 30 years it is a fantastic opportunity for myself to support Awen in the next phase of their development. With their world class solutions to a very serious emerging issue for many critical businesses they will be able to build on their success to date and I am sure have a brilliant future ahead.” Paul Rix adds “having been involved with Awen for a relatively short period in an advisory capacity, I quickly became aware of the quality of their expertise and the positive responses from potential clients and partners. It is a pleasure to now be invited to commit further to the company by making a supportive investment at this early point in their growth.”
Supported by he British Embassy in The Hague
Awen’s exploration into the Dutch market is being supported by the British Embassy in The Hague. Lucy Ferguson, Deputy British Ambassador to the Netherlands, said about the investment: “Awen Collective’s success in securing this investment is an excellent example of how UK government led events such as last year’s Cyber FinTech Summit 2020 hosted in the Netherlands, provide UK businesses with a platform to succeed. The close relationship with our Dutch partners fosters prosperity and security on both sides of the North Sea.”
Expansion support of InnovationQuarter
Awen also has the expansion support of InnovationQuarter. Philip Meijer, Senior Account Manager for Safety & Security at InnovationQuarter says: “Cyber resiliency is a hot topic for the Greater Rotterdam-The Hague area. We consider cyber security to be one of the most significant determinants for successful digital transformation in our area. We are delighted with the investment of Dutch Security TechFund in Awen as it attracts unique technology into The Netherlands. With much pleasure we would like to congratulate Awen Collective and TIIN Capital on the investment and their joint mission to make the OT world a safer place”
Read the full Press release here in Dutch and English!