Canadian cybersecurity company Cybeats Technologies (Cybeats Stock Quote, Charts, News, Analysts, Financials CSE:CYBT ) began trading on the CSE Monday at a time when cybersecurity issues are front page news and companies and governments are looking for ways to secure critical infrastructure and software supply chains from an alarming increase in the number of cyber-attacks.
The company commenced trading under the symbol CSE:CYBT Monday morning after closing an CAD $8-million raise in conjunction with the new listing.
Cybeats was founded by in 2016 by three Israeli-Canadian technology entrepreneurs in the Greater Toronto Area and funded by VC’s until it was acquired by the AI Venture Builder, Scryb Inc. (Scryb Stock Quote, Charts, News, Analysts, Financials CSE:SCYB) in March of last year. Scryb contributed resources to the project and at the end of the year announced the team had grown from three to over 50 and expected to bring its solutions into market early 2022, with a dedicated go-public transaction accompanying the launch of commercial business.
Cybeats solutions address a sector known as software supply chain security and more specifically a compliance standard currently being adopted by countries around the world called “Software Bill of Materials” or SBOM for short. Businesses and governments are facing increased cybersecurity risk throughout their software supply chains as bad actors increasingly see software and developer infrastructure as entry vectors into governments, corporations, and critical infrastructure.
Interest in SBOMs spiked last year following a Whitehouse Executive Order in May announcing that the SBOM standard is being implemented in the United States, with some mandates in effect as early as August 2022. US President Joe Biden called for the adoption of a Software Bill of Materials in the Executive Order as part of the Administration’s goal of improving national cybersecurity, with a disclosure requirement soon to be implemented for federal agencies and their contractors.
The Whitehouse mandates are consistent with many Western countries, which have already adopted the standard or are in the process of implementing measures to help safeguard against vulnerable or corrupt software finding its way into the supply chain and/or critical infrastructure. Cybeats’ “SBOM Studio” enterprise solution allows organizations big and small to manage thousands of SBOMs, if necessary, and enables clients to “build cybersecurity into their software” and keep up to date with the most recent compliance requirements. Recently, Cybeats was recognized by Gartner, the world’s leading information technology research and advisory company, in its 2022 Gartner Innovation Insight for SBOMs.
“Cybeats is in a white-hot market poised for long-term growth, with a proven product that is attracting interest from large, global companies across a wide range of sectors, and when compared to its peers you can see the company is well undervalued and further ahead. Canadian tech companies always have to work harder to get the exposure and valuations that US and other international tech hubs do around the world and this transaction positions the
company to recognize this value in the near term and maybe surprise the markets with Canada’s best kept secret.” said Yoav Raiter, CEO, Cybeats.
In its first six months of commercial operations, Cybeats announced an engagement with an unnamed Fortune 500 company and two divisions of what management described as a “multinational manufacturing firm”. In addition, the company has announced partnerships with APMA, AutoParts Manufacturers Association of Canada.
At press time, shares of Cybeats were down $0.03 to $1.22.