Digital Innovation Fund (DIF), Managed By BOV Capital And Powered By Dialog Axiata PLC, Makes A Strategic Investment In The Fast-Growing Cybersecurity Firm Scybers

Scybers Inc., the fast-growing global cybersecurity firm, announced that the Digital Innovation Fund, managed by BOV Capital and powered by Dialog Axiata PLC, has made a strategic investment in the company.

Cybersecurity has become a critical concern for global enterprises amidst the post-pandemic digital acceleration, a surge in ransomware attacks, increasing regulatory demands, and a worldwide shortage of cybersecurity talent. The global cyber security market size is estimated at USD 268.13 billion in 2024 and is expected to reach around USD 878.48 billion by 2034, expanding at a Compound Annual Growth Rate (CAGR) of 12.6% over the forecast period 2024 to 2034.

In this challenging landscape, Scybers enables enterprises to rapidly reduce cyber risks, achieve compliance and build resilience leveraging a proven global delivery model, deeply specialized front-line cybersecurity expertise, and a set of advanced AI-assisted security platforms.

Madu Ratnayake, President of Scybers, stated, “DIF’s reach and strategic relationships will be a tremendous strength as we execute our global growth plan. Dialog Axiata's extensive experience in delivering digital and communication services in the fast-emerging ASEAN and South Asian region and our partnership to provide world-class cybersecurity services to the Axiata network as a sell-through partner will be invaluable as we scale Scybers' services globally.”

"With this strategic investment, we are thrilled to welcome Supun Weerasinghe to the Scybers Board. Supun’s exemplary leadership and wealth of experience as the Group Chief Executive of Dialog Axiata PLC will be an invaluable guide to shape the next phase of growth at Scybers," said Kugan Kulothungan, Chief Executive Officer of Scybers.

Supun Weerasinghe, Group Chief Executive of Dialog Axiata PLC, commented, "Our commitment to investing in new technology is a key driver in helping Sri Lanka become a digital economy. The strategic investment in Scybers aligns with our vision of fostering innovation and ensuring robust cybersecurity measures for enterprises globally. The Digital Innovation Fund is a testament to our dedication to nurturing tech startups that have the potential to make significant impacts both locally and internationally.”

"Since 2015, BOV Capital has been empowering visionary founders to create outstanding businesses. With an Assets Under Management (AUM) of $15M our second fund, DIF, initiated in 2017 in collaboration with Dialog Axiata PLC, focuses on investing in founders who tackle regional and global challenges and demonstrate rapid scalability. Therefore, investing in a cybersecurity company like Scybers was a natural choice, given the critical importance of cybersecurity in today's digital landscape," said Prajeeth Balasubramaniam, Co-Founder and Managing Partner of BOV Capital.

Since its inception in 2021, Scybers has rapidly expanded to provide advisory and managed security services to global clients. Scybers serve clients spanning multiple industries in the US, Australia, Singapore, South Africa, Indonesia, Saudi Arabia, India and Sri Lanka. Scybers provides a full range of cybersecurity solutions including cybersecurity strategy, regulatory and standards compliance, security engineering services in identity, data, cloud and zero-trust access, security validation, incident response and 24x7 managed threat detection and response services (SOC). Scybers helps global Chief Information Officers (CIOs) and Chief Information Security Officers (CISOs) significantly reduce cyber risks and accelerate cybersecurity programs with extended global cyber expert teams who augment their core cybersecurity teams. Scybers leverage their Cyber Defense Centers in Asia and propriety AI-assisted delivery platform that automates security expertise, capabilities, and tasks to deliver consistent high-quality outcomes, cost-effectively.

About Scybers

Scybers is a fast-growing global cybersecurity firm that provides end-to-end advisory-led managed security services to global enterprises. The company's advanced AI-assisted security platforms enable enterprises to rapidly reduce cyber risks, achieve compliance, and build resilience, ensuring secure digital operations in today's evolving threat landscape.

About Digital Innovation Fund (DIF):

Managed by BOV Capital and powered by Dialog Axiata PLC, the Digital Innovation Fund looks to attract sector-agnostic digital startups that disrupt or transform industries or even create new sectors. The focus is on tech and tech enabled innovative startups that can scale in a sustainable way and includes SAAS, Big Data, AI, IoT, blockchain etc. We evaluate startups each quarter and currently DIF is looking to invest in at least another three to four companies before the end of this financial year. Proposals for funding should include a business plan or investor deck, to be submitted to: info@bovcapital.com.

For more information about Scybers, visit https://www.scybers.com/