CDP Venture Capital has partnered with Startup Wise Guys (SWG) to launch a GBP £4.2m (€5m) cybersecurity accelerator programme.
CyberXcelerator will consist of a three-year investment in at least 30 Italian and international start-ups. SWG will manage the programme and focus on cybersecurity.
“We are investing together on a topic of strategic national interest, and we are doing it in a region that is full of talent and where this type of investment can make a big difference,” said Farid Singh, general partner of Wise Guys Cyber.
“The programme will accelerate about 30 Italian and international start-ups over three years, but the impact will be long term. In addition to start-ups, we are contributing to the development of Cosenza as a cybersecurity hub, which is already ranked third globally after Tokyo and Palo Alto,” he added.
The programme is part of the larger initiative from CDP to build a nationwide network of accelerators to support the development of skills and entrepreneurship.
SWG has a wealth of cybersecurity expertise in the region, having run the only full-time on-site cybersecurity accelerator in Europe and investing more than GBP £427k (€500k) in 20 tech start-ups.
The overall budget of the CyberXcelerator initiative will exceed GBP £4.2m (€5m), of which GBP £2.1m (€2.5m) will be allocated by CDP Venture Capital together with SWG during the acceleration phase.
Another GBP £1.7 (€2m) will be earmarked for follow-on investments, together with an additional GBP £513k (€600k) that has been made available by the industrial partners of the project, which include Leonardo and Italgas.
Other experienced players in the Italian ecosystem, such as The NTT Data research centre, whose offices will serve as the base for the accelerator, and the University of Calabria-sponsored TechNet incubator, will also be programme partners.
