SecureNet taps funding into online security

Local security outfit SecureNet, has snared its third batch of funding, courtesy of a research and development grant from Federal Government agency, AusIndustry.

The latest $2.6 million boost will help facilitate SecureNet's plans for the research and development of a smart token based suite for advanced online transaction security. The injection will account for around 50 per cent of the cost of the proposed 18-month project.

Geoffrey Ross, SecureNet managing director, said the project will springboard from the company's existing work, and expand into security in the new arenas of Bluetooth and WAP.

"The project will provide all the required transaction-based security functions in a single package."

He said it will enable easier and more cost-effective deployment and integration of superior security solutions for enterprises.

He said the company has put funding of $2.1 million to good use, with the extra dollars being ploughed into technical development. Ross notes that this has helped the company achieve commercial success and reach profitability, adding that it has also been a "good corporate citizen" by generating more in export dollars than it has received in funding. Ross is also quick to acknowledge the importance of the funding it has received over the last four years.

"It's hugely helpful to us because we can accelerate all our programs. You're always constrained by what you can afford to do and what the market will accept," he said.

This acceleration isn't limited to its programs either, according to Ross. SecureNet, which has set up shop in both Hong Kong and China, is looking to build up its Asian presence, while on the local front Ross notes that acquisitions are on the agenda over the next 12 months.

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