CyRise puts security start-ups in fast lane

Victoria’s fast-growing cyber security space has a new entrant, with the establishment of a cyber security accelerator.

Cyrise boss Scott Handsaker.

Victoria’s fast-growing cyber security space has a new entrant, with the establishment of a cyber security accelerator, understood to be the first in the Asia Pacific.

CyRise, led by former Startup Victoria boss Scott Handsaker, is a partnership between Deakin University and Dimension Data that will see five start-ups from Australia, New Zealand and the wider APAC region get $50,000 in funding along with mentoring and trips to Israel and the US.

Mr Handsaker told The Australian he was calling on early-stage cyber security entrepreneurs and professionals to apply for the six-month program.

“Getting corporate Australia to work more closely with the university sector is a huge part of making Australia a more innovative nation, so it is super pleasing to see Deakin, Dimension Data and LaunchVic come together to launch this new accelerator,” he said.

Victorian government start-up fund LaunchVic, which The Australian last week revealed would pause its $3 million investment in tech accelerator 500 Startups after sexual harassment allegations, is funding CyRise with $450,000.

Program participants will be based out of Melbourne CBD co-working space Teamsquare and receive the funding as part of a deal involving future equity.

Mentors include the head of the Australian Cyber Security Growth Network, Craig Davies, Culture Amp chief Didier Elzinga and Bugcrowd co-founder Casey Ellis.

“Victoria is fast becoming known as the best location in APAC for the cyber security industry,” Mr Handsaker said. “Where Australia is lacking in this space is in the commercialisation of ideas.

“We want to help connect Australian corporates with innovative local founders who are building world class cyber security solutions.”

The program is the latest boon for Victoria, which last year announced the Oceania Cyber Security Centre in Melbourne, while the company building the NBN has also established its national Cyber Security Operations Centre in Victoria promising 700 new jobs.

In May, Prime Minister Malcolm Turnbull held a cybersecurity roundtable with Australia’s telcos, and Facebook and Amazon, at which he referred to cyberspace as “the new frontier of espionage”.

Applications for the program open today.