Innovate UK Transformative Technologies funding

Netrity Ltd. is pleased to announce our latest project which started on the 1st of June 2023.

Recently there has been a rise in #cybercrime with 81% of UK organisations suffering some form of #cyberattack in 2021. The number increased by 237% in 2022. In the UK the cost amounts to $1.08 million per incident with damages to the organisation’s reputation, loss in sales, insurance costs and legal consequences, investor and third-party relations, and customer satisfaction amongst others. At Netrity, a #Hamilton South Lanarkshire Council based #startup, we aim to address this demand by developing cutting-edge #AI #cybersecurity solutions that comply with #ethicalai and understandable technology requirements.

Ioannis J. Vourganas, Director at Netrity Ltd., said:

Our first priority is to make the UK stronger in the field of cybersecurity by integrating ethical artificial intelligence and faster adapting defence strategies against security bridges. This field is constantly evolving with new and challenging threats. This project will help Netrity to accelerate #research & #development, strengthen its position for further investment, and enable new #employment opportunities.

The project started on the 1st of June funded through Innovate UK, the UK’s innovation agency, and specifically the UK Transformative Technologies competition which awarded £13 million in affordable, adoptable and investable innovations for 270 UK-based small companies. The funding aims to transform the UK economy, society and environment for the better by providing “crucial cash flow” as Lisa Hazelden, Chief Product Officer at Innovate UK said in their press release earlier this month. Innovate UK drives productivity and economic growth by supporting businesses to develop and realise the potential of new ideas. Innovate UK is part of UK Research and Innovation. For more information visit www.innovateuk.ukri.org