App-Ray, a mobile security analysis tool designed to automatically scan applications for detecting cyber threats, has joined the EIT Digital Accelerator. The Austrian company App-Ray plans to build on EIT Digital's support in accessing new markets across Europe.
The cyber security expert and serial entrepreneur Zsolt Németh founded App-Ray in 2015 and built up a team around the initial vision. The App-Ray tool helps mobile users to keep control of their personal data by detecting backdoors and data leakages and in addition it scanns other apps that have access to or that may send data to other third parties. App-Ray provides a fully automated security analysis of mobile applications to find security issues, privacy breaches and data leaking potentials. App-Ray's technology is based on a tool that was developed at Fraunhofer AISEC, an institute of Fraunhofer Gesellschaft, which is a partner of EIT Digital.
"We have chosen to join the EIT Digital Accelerator because we need a partner that can help us scale effectively in Europe. App-Ray developed a business model and value proposition that works. Now we are planning to build on the initial traction and get new customers on board," says Zsolt Németh, CEO at App-Ray GmbH.
All mobile phones face an omnipresent threat of data leakage due to unencrypted communication and unsecure connections. Data, for example phone numbers, names or locations may go to unknown destinations, hackers or data broker companies across the world, just by using anordinary app. App-Ray's solution fits not only to personal mobile devices, but can also protect corporate data from being leaked through harmful apps. EIT Digital's ecosystem provides an international access to potential customers and investors that App-Ray will benefit from to further grow within the cyber security market. App-Ray plans to expand its already good customer base in German speaking countries. The team of three members grew to 16 this year. Their clients base consists of leading IT and telecommunication companies like Vodafone, Swisscom, Deutsche Telekom and Tech Mahindra. App-Ray is already active in several European markets (UK, the Netherlands and Germany), but plans to further benefit from the support of the EIT Digital Accelerator to get access to new clients in other European markets.
"We are pleased to have App-Ray in our portfolio of ambitious scaleups and have started the support by introducing the company to top level customers at the Cybersecurity Open Innovation Forum 2016 in Madrid and in Trento during the Italian Innovation Day 2016," explains Dolf Wittkämper, Head of the EIT Digital Accelerator.
The company App-Ray was introduced to EIT Digital by ABC, a Slovenian Accelerator and cooperation partner within EIT Digital's ARISE Europe programme that was founded to stimulate regional growth in EU countries where EIT Digital is not present with one of its Node or Associate Partners. In order to further grow their team App-Ray plans to scout for cyber security talents among the graduates of the EIT Digital Master School. Furthermore, App-Ray has a high interest in collaborating with the EIT Digital partner network consisting of leading industry, research and education organisations.
App-Ray will be part of the EIT Digital Action Line Digital Infrastructure that focusses on enabling digital transformation by providing secure, robust, responsive and intelligent communications and computation facilities for the markets. Digital Infrastructure targets in networking the mobile broadband infrastructure, network softwarisation, and the Internet of Things; in computing: cloud computing, Big Data, and Artificial Intelligence; in security: privacy, cyber security, and digital ID management.
The EIT Digital Accelerator comprises a team of experienced business developers and finance experts operating from 13 cities across Europe as well as a hub in San Francisco. Since 2012, they have supported more than 200 startups to access new markets and helped them raise more than €77 million in investment to date. As part of the Accelerator the Access to Finance program opens doors to European and international venture capital funds, helping company founders and CEOs get all-important first-meetings with investors seeking to finance fast-growth business opportunities.