Data centre operator Adisyn has embarked on a scheme to raise $400,000 in order to grow its cyber security outfit.
The placement will see the Australian Securities Exchange- (ASX) listed company issue 20,000,000 new ordinary shares at a price of $0.02 per share.
Formerly known as DC Two, Adisyn will now use the funding to expand its newly formed cyber security division with an increase in sales and marketing efforts as well as the development of a number of new artificial intelligence- (AI) powered cyber security services.
The new services are to focus on helping customers manage their obligations for the handling of personal data under the new Privacy Legislation Amendment (Enforcement and Other Measures) Act 2022.
Solutions include threat intelligence and contextual security operations as well as an AI-powered personally identifiable information (PII) de-identification tool, Adisyn told shareholders.
Adisyn said it plans to cross-sell cyber security services to existing clients across its other business units and will focus its sales and marketing efforts on the acquisition of new cyber security clients.
The raise comes months after Adisyn acquired Perth-based security and intelligence organisation Thomas Cyber for at least $435,000 back in July.
Speaking at the time of the deal, Adisyn said the acquisition represented an opportunity to expand its capabilities and add expertise in cyber security technology.
Months later in September, the company revealed its plans to rebrand from DC Two to Adisyn in an effort to highlight the implementation of its strategy for its “next stage of growth”.
Its unit, Adisyn Cyber, has now entered into a memorandum of understanding (MOU) with Al Nasr Technical Trading Agencies (ATTA Group) to explore the supply of IT and cyber security systems in UAE, Saudi Arabia and Oman.