By: Staff Writer
August 05, Colombo (LNW): Scybers Inc., a rapidly growing global cybersecurity firm, has announced a significant strategic investment from the Digital Innovation Fund, managed by BOV Capital and supported by Dialog Axiata PLC.
With cybersecurity becoming increasingly crucial due to the post-pandemic digital surge, a rise in ransomware attacks, stricter regulations, and a global shortage of cybersecurity professionals, this investment is timely.
The global cybersecurity market, valued at approximately $268.13 billion in 2024, is projected to grow to around $878.48 billion by 2034, with a Compound Annual Growth Rate (CAGR) of 12.6% during this period.
Scybers aims to help enterprises swiftly mitigate cyber risks, ensure compliance, and build resilience through its global delivery model, specialized cybersecurity expertise, and advanced AI-driven security platforms.
Madu Ratnayake, President of Scybers, highlighted the strategic advantage of the Digital Innovation Fund’s extensive network and relationships.
He noted that Dialog Axiata’s extensive experience in digital and communication services in the ASEAN and South Asian regions would significantly benefit Scybers as it expands its global reach. This partnership will be instrumental in scaling Scybers’ services.
Kugan Kulothungan, CEO of Scybers, expressed enthusiasm about the investment, particularly welcoming Supun Weerasinghe to the Scybers Board. Kulothungan praised Weerasinghe’s leadership and experience as the Group Chief Executive of Dialog Axiata PLC, which will be crucial for guiding Scybers through its next growth phase.
Supun Weerasinghe, Group Chief Executive of Dialog Axiata PLC, emphasized the role of investing in new technology as a key factor in advancing Sri Lanka’s digital economy. He underscored that the investment in Scybers aligns with Dialog Axiata’s vision of fostering innovation and enhancing global cybersecurity measures.
The Digital Innovation Fund reflects their commitment to supporting tech startups with the potential for significant local and international impact.
Prajeeth Balasubramaniam, Co-Founder and Managing Partner of BOV Capital, noted that since its inception in 2015, BOV Capital has been dedicated to supporting visionary founders in building exceptional businesses.
With $15 million in Assets Under Management (AUM) and a focus on scalable regional and global solutions, BOV Capital’s second fund, DIF, established in collaboration with Dialog Axiata PLC in 2017, found investing in Scybers a natural fit due to the critical importance of cybersecurity in the modern digital landscape.
