Diagnostics and data science company Scryb Inc (Scryb Inc Stock Quote, Charts, News, Analysts, Financials CSE:SCRYB) has joined forces with the Project Arrow team looking to build Canada’s first zero-emission vehicle. Scryb says its IoT cybersecurity subsidiary Cybeats will be providing products and advisory services to Project Arrow.
Toronto-based Scryb (formerly Relay Medical) today announced an engagement with the National Automotive Parts Manufacturers’ Association (APMA), Canada’s largest association of auto parts makers and the driving force behind Project Arrow, with Cybeats acting both as an advisory to the APMA on automotive cybersecurity and a provider of component security, software development security and software bill of materials (SBOM) security to Project Arrow.
“Project Arrow is a broad collaboration of the best-in-class companies in Canada and we are honoured to be working with the AMPA to develop Canada’s own safe and secure connected zero-emission concept vehicle,” said Yoav Raiter, CEO of Scryb Inc, in a press release.
“We have an opportunity to use our Cybeats’ platform, including the SBOM Studio to incorporate high-level cybersecurity through the design phase to the final product. We look forward to collaborating with APMA and the broader project team to deliver this landmark concept vehicle,” Raiter said.
Last year, Project Arrow received $5 million in federal funding to launch its concept vehicle, where a prototype is being designed at the Ontario Tech University and its Automotive Centre of Excellence in Oshawa in collaboration with the WindsorEssex Economic Development Corporation’s virtual reality CAVE. Project Arrow is seen as part of an overarching move to equip Canada with more autonomy and control over manufacturing and intellectual property within the rising green economy. Aiming for a reveal at the start of 2023, the current Arrow design is reportedly for an SUV in the $40K-$60K range, with the AMPA saying they’ve so far received expressed interest from over 130 firms looking to take part in the venture.
“Project Arrow is positioned to lead the transformation of Canada’s automotive sector from traditional fuel vehicle development to zero-emission vehicle development, while showcasing the capabilities of the Canadian automobility and digital technology sectors to compete on the global stage,” said Scryb in the press release.
“The project will also help to create a robust electric vehicle supply chain in Canada, increasing Canada’s domestic electric vehicle development capacity in everything from electric powertrains and connected autonomous vehicle systems to battery production,” the release said.
Scryb, which provides AI-enabled technology solutions including the Fionet pandemic management platform for testing and tracking, bought Cybeats in March of 2021, with Cybeats having recently begun commercialization of its product suite which includes SBOM Studio, an enterprise-level solution for tracking third-party software components. Scryb has said it plans to publicly list Cybeats in the near future.
“Our sights are set on bringing Cybeats to the largest markets in the world which includes public listings in Canada and the US NASDAQ or NYSE listing thereafter,” said Raiter in a December 17 press release providing an update on Cybeats.
“Earlier [in 2021] the NASDAQ hosted the largest cybersecurity IPO of all time in SentinelOne’s $10-billion transaction and there have been numerous notable transactions since then. These valuations are driven by the panic for solutions that are being developed or do not yet exist to protect products that are already in the market being used by citizens, employees and the government that are open and exposed for attack. Cybeats has been developed to create certainty and provide solutions for the future of cybersecurity,” Raiter wrote.
Scryb rebranded itself from Relay Medical last month, saying the new name better reflects the core competencies of its platform, which covers a range from digital health and diagnostics to cybersecurity and manufacturing.
“We have accomplished many milestones under the Relay umbrella and are now more excited than ever to bring our unified Scryb platform to market and capitalize on a more diverse set of commercial opportunities across industry sectors,” Raiter said in a December 3 press release.
“Scryb, our industry agnostic and adaptable software platform, is here to break boundaries and we are proud to introduce the new name and brand that will take the Company into the future,” he said.
Disclosure: Scryb is an annual sponsor of Cantech Letter.