The merged entity is set to help start-ups and scale-ups get access to domestic and global customers, talent, expertise, and capital
AustCyber has merged with fintech start-up hub Stone & Chalk with an objective to expedite growth for emerging technology companies in Australia.
The financial terms of the merger deal were not disclosed by the parties.
AustCyber, which is the Australian Cyber Security Growth Network, was founded in 2017 as an independent, not-for-profit organisation.
The organisation’s role is to support the development of the Australian cybersecurity sector and also enhance the sovereign cyber capabilities of the country.
Stone & Chalk, on the other hand, calls itself an “Impact Network” for the emerging technology sectors.
As per the terms of the merger, AustCyber will become a fully-owned subsidiary of Stone & Chalk. AustCyber will retain its independent brand, staffing structure, and also National Network of Cyber Security Innovation Nodes.
Besides, AustCyber will continue to operate as an Australian government’s industry growth centre.
The merger will enable access to the commercialisation services of Stone & Chalk to Australian cybersecurity founders. This includes investment support, acquisition of customers and talent, ecosystem support, corporate partnerships, and also curated mentorship from commercial leaders.
Similarly, the merger will enable emerging technology founders of Stone & Chalk to gain access to crucial support and expertise from AustCyber so that they are ‘secure by design’ before they begin writing their first line of code.
AustCyber CEO Michelle Price said: “It’s in our nation’s interests to be investing in scalable, flexible and sophisticated ways and means to nurture and propel forward emerging tech industries.
“AustCyber has demonstrated its ability to do this for cybersecurity and it’s critical we apply similar approaches to other emerging technologies.
“I have long respected the capabilities of Stone & Chalk and know that joining forces will provide our existing ecosystems with the tools they need to evolve, develop and thrive.”
The merged entity will cater to start-ups and scale-ups by providing access to domestic and global customers, talent, expertise, and capital. The parties expect this to speed up growth and maturity for firms, thereby generating new jobs for Australians and helping the country in retaining economic benefit.
The enlarged organisation also expects to be a powerful voice for better shaping the policy and regulatory areas for important and emerging technology products and services.
Stone & Chalk CEO Alex Scandurra said: “The Covid-19 pandemic has made it clear that Australia can no longer depend so heavily on imported technology which contains critical dependencies in supply chains.
“In making our two organisations one, we are combining the greatest concentration of cybersecurity industry expertise in the country with the most developed technology commercialisation infrastructure that Australia has ever built.
“The integration of Stone & Chalk and AustCyber will enable our joint organisation to pursue a resilient and prosperous future not just for founders, enterprise and governments, but for all of Australia.”