BECO Capital invests in cyber-security start-up
BECO Capital announces investment in cyber-security start-up MYKI from Beirut
BECO Capital, a regional venture capital firm, revealed it has invested in MYKI, a Beirut-based cyber-security start-up that has developed a password and online identity manager in the region.
Announced during the Arabnet Conference, MYKI's said its mobile solution provides secure access to online services through a smartphone as it removes the need to manually type in credentials every time a user logs into a different account.
Amir Farha, co-founder and managing partner of BECO Capital, said: "With MYKI, we are starting to witness local innovations for global problems. Cyber-attacks are becoming increasingly sophisticated and are affecting nearly 90% of individuals and large organisations around the world. They are costing consumers and companies more than $445bn, annually, which is only expected to grow as online information stealing expands with increased Internet use.
"MYKI is one of the players well-positioned to build a global company and solve this universal problem, starting from the region. The founders are exceptional Arab entrepreneurs who are passionate about their original invention and are building a transformational solution targeting a large and rapidly growing market."
Individuals, enterprises and governments are allocating more of their budgets and increasing their investments in private companies across the cybersecurity ecosystem. Over the last five years, $7.3bn investments went into cybersecurity start-ups.
BECO Capital's seed investment will assist MYKI in their product development and in a faster go-to-market strategy. The move marks BECO Capital's first investment in a cyber security technology firm since it was launched four years ago. Lebanon-based B&Y Venture Partners also took part in this seed investment round.
Priscilla Elora Sharuk, co-founder at MYKI said: "MYKI is a revolutionary solution that eliminates the need for usernames and passwords. What started as an idea, flourished into a working model that could change the way people use technology in their lives and will soon be available for the masses. Our goal was not just to take the project from the concept to the execution stage, but to touch people by simplifying their everyday lives and showing them the possibilities. With the help and back up of BECO Capital, we will be able to do that on a wider scale. "
The market that MYKI is tackling is the multi-factor authentication market, which is forecasted to develop to $5.5bn by 2017.