AustCyber has formally launched expressions of interest for the second round of its Projects Fund.
The AustCyber Projects Fund is a $15 million, three-year program. So far a total of $6.5 million in funding has been delivered to 10 projects. For the second round, $8.5 million in matched funding is available for projects. Between $100,000 and $3,000,000 in co-funding is available for each qualifying project.
Short-listed projects from the EOI process will be invited to pitch to a technical review panel.
“This funding will assist the cyber security industry to upskill and expand the sector, and harness the enormous opportunities available to Australia,” said industry science and technology minister Karen Andrews.
The successful round one applicants were WithYouWithMe, Fifth Domain, Deception.ai, Cybermerc, a Sydney University-led consortium supported by Australia’s major banks, QuadIQ, and Vault Systems.
AustCyber’s 2018 update to its Cyber Security Sector Competitiveness Plan argued that Australia “offers an ideal growth environment for cyber businesses, thanks to strengths in core research areas like quantum computation, wireless technology, trustworthy systems and niche high-value hardware.”
“Further drawcards for investment include Australia’s large services economy, quality education system,
sound governance settings, economic stability, low sovereign risk and high living standards,” the document added. “The proximity to the fast-growing and increasingly digitised Indo‑Pacific region adds to Australia’s natural advantages.”
Australia’s cyber security sector has the potential to grow explosively, the document said, with revenues increasing from around $2 billion in 2016 to $6 billion by 2026.