The London Office for Rapid Cybersecurity Advancement (LORCA) has launched a new initiative designed to propel the growth of UK cyber startups.
LORCA Ignite will see six of the most successful companies that have graduated from the LORCA accelerator program during the past three years participate in a new, intensive program, which will help them achieve rapid scale and commercial growth.
LORCA is a government-backed initiative that started in 2018 to accelerate the growth of UK cyber startups. It is delivered by Plexal at the London-based technology hub Here East and is supported by Deloitte and the Centre for Secure Information Technologies (CSIT) at Queen’s University Belfast. The year-long programs help the selected startups to secure investment, access new markets, and even participate in overseas trade missions, alongside mentoring and training sessions.
LORCA has significantly exceeded expectations during that time, with the 72 cyber startups and scaleups to take part in the program so far raising more than £200m in investment and generating over £37m in revenue. The level of investment achieved at this point is a massive 450% higher than LORCA’s original target that was set in 2018.
The new six-month program will enable the six selected firms to attend commercial and technology validation clinics and a showcase event. These firms have collectively raised £27m in investment and grants in the last three years. Additionally, LORCA Ignite will provide them with access to investors, mentoring services, and national and global networks and connect them to companies and security leaders who may require their products and services.
The cohort will also receive professional services expertise from several LORCA’s corporate partners, including AHL Connect, Outfly, Informed Funding, and Infosec People.
The six companies making up the LORCA Ignite cohort are:
Digital Infrastructure Minister Matt Warman commented: “Good cybersecurity is the bedrock of our digital economy, and our thriving sector will play a vital role in helping the nation build back better and stronger from the pandemic.
“Through our support for LORCA, we are backing our innovative cyber startups to grow their businesses and develop the cutting-edge solutions people and companies need to stay one step ahead of security threats.”
Saj Huq, director of LORCA, outlined: “LORCA Ignite is the evolution of an accelerator program that has demonstrated the extraordinary success of the British startup ecosystem over the last three years. By combining government support with innovation expertise and access to investors and global tech leaders, LORCA has accelerated the growth of a new generation of world-class British cyber startups. LORCA Ignite will continue that growth trajectory for some of the most high-potential businesses that have participated in our program. The UK has a globally competitive cyber ecosystem, and we need to provide support to the cyber scaleups at the forefront of what is quickly becoming a jewel in the UK’s tech crown.”
This week, it was announced that Risk Ledger, one of the companies that will take part in LORCA Ignite, has been chosen by NHS Test and Trace to help it manage its supply chain cybersecurity risks.