Nine cybersecurity start-ups will be part of the second intake of the GCHQ Cyber Accelerator operated by Telefonica’s Wayra and Telefónica Open Future_ (UK) in 2018. The new cohort will spend nine months in the accelerator programme and receive funding of £25,000.
The accelerator is part of the Cheltenham Innovation Centre project, the first of two new innovation centres to be created as part of the government’s ‘National Cyber Security Programme’.
Among the outfits selected to join the accelerator are:
/ Elliptic, which detects and investigates cybercrime involving crypto-currencies
/ Trust Elevate, a provider of age verification and parental consent solutions for young adults and children in online transactions
/ Ioetec, which offers a plug-and-play cloud service solution to connect Internet of Things devices
The UK currently has 100 active accelerators, and close to 1,500 companies, among them the likes of Deliveroo and Funding Circle, have participated in their programmes. And Beauhurst finds, unsurprisingly, that most accelerated companies (42%) are technology-based, while the death rate of 10% is a tad lower than the average for equity-backed companies.
However, a mere 3% of accelerated companies have exited to date, compared to 15% of a cohort of 2011 equity-backed companies which have proceeded to IPO. But the average valuation for an accelerated company is £11.9m, compared to £6.32m for the average non-accelerated company tracked by Beauhurst.
The skinny on Wayra UK: The accelerator network earlier this year launched a new UK initiative to support seven start-ups aiming to tackle the poverty premium. The Wayra Fair By Design project is targeting four areas – energy, finance, insurance and location-based costs.