The cybersecurity commercialisation firm hopes to raise $2.9m through an Aim placement and will use the funding for product development, working capital, sales and marketing.
Cybersecurity-focused commercialisation firm Crossword Cybersecurity is considering listing on the UK-based Aim stock exchange with a view to conducting a £2.3m ($2.9m) placement by the end of December 2018.
Crossword Cybersecurity was founded in 2014 to build cybersecurity businesses based on intellectual properties sourced from its university partners in Europe.
The firm’s portfolio includes Cyberowl, an early cyberattack detection system developer founded in partnership with Coventry University, and Rizikon, a cyber risk analysis software provider based on research from City, University of London.
Proceeds from the placement would help Crossword fund product development, sales and marketing activities, the firm said. Crossword, which has been quoted on the Nex Exchange in London since 2015, believes an Aim listing would ultimately enable it to ramp up commercialisation activities in the near term.
News of the proposed Aim listing follows a partnership framework between Crossword and fellow commercialisation firm IP Group announced in August 2018, under which both parties agreed to cooperate in exploring the potential of university cybersecurity technologies.
