OceanShield raises US$800K seed funding
Singapore: OceanShield, a cybersecurity specialist firm for the maritime industry, has secured US$800,000 in a seed funding round from Masik Enterprise, angel investors, and grant funding.
The startup, which is based in Singapore, intends to use the funding to commercialize its solution.
“As this is a solution for the protection of vessel Operational Technology (OT), the commercialization process is key for the company to generate awareness that this type of solution now exists,” Brian Worning, Head of Commercial at OceanShield, said.
OceanShield was founded in 2020 by Dr. Dmitry Mikhaylov, a scientist, serial entrepreneur, and private-equity specialist in the deep tech industry.
The platform offers patented cybersecurity solutions to protect the OT systems of vessels, ports, and maritime and offshore infrastructure.
On being asked why this solution was so essential for the maritime industry, Worning said that vessel OT’s have some of the most critical systems which can result in disastrous incidents, if not taken care of. For example, false data in navigational systems can cause loss of location and navigational control which in turn causes rerouting or collision.
While multiple marine IT protection solutions exist, the OT side has largely been ignored due to the specialized knowledge and technology required to offer functional OT protection, the company said.
“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,” Mikhail Zeldovich, Managing Director of Masik Enterprises, said.
