The Edinburgh Napier University (ENU) team behind a cybersecurity project and emerging technology company tackling impersonation phone scams are preparing to take it Stateside.

LastingAsset is among five Scottish science and tech companies selected to take part in Scottish Enterprise (SE)’s US MarketBooster Programme, an immersive and intensive offer of wrap-around support on both sides of the Atlantic.

As part of it, the project’s founders will spend eight weeks in the heart of Silicon Valley, working closely with SE’s team, industry networks and partners to compete for customers and investment in the highly competitive US market.

Led by academic and cybersecurity expert Dr Zakwan Jaroucheh from ENU’s School of Computing, Engineering and the Built Environment, LastingAsset uses encryption technology to prevent rogue actors from impersonating an organisation’s phone number to dupe victims of fraud. It aims to combat phone number spoofing and voice-based impersonation so clients can assure their customers that they are speaking with a genuine representative.

The project team have been working with pilot customers to test out the solution, and it is hoped that participating in this booster programme will enable them to reach the US market more quickly than would have otherwise been possible. Last year alone, more than $2.7bn was lost to scams there.

LastingAsset Project leader Dr Zakwan Jaroucheh said:

“Phone scams and impersonation fraud are growing threats worldwide. At LastingAsset, we are committed to building technology that restores trust in voice communication.

“The US MarketBooster Programme is a fantastic opportunity to accelerate our impact and bring our solution to a global stage.”

Reuben Aitken, Managing Director International, Scottish Enterprise said:

“To scale up, Scottish businesses need to go global. The US is our top export market and this US MarketBooster Programme is an exciting new way of working. With targeted, wraparound support here in Scotland, followed by immersion in Silicon Valley, these innovative companies will have the best opportunity to grow faster.

“This programme is about giving companies access to our expertise, advice and networks rather than direct funding, because we know how highly valued this is by them.

“Scotland has a rich history of great inventions and innovative spirit. This new approach will help propel this next generation of ambitious, innovative companies forward, delivering maximum impact for both them and Scotland.” 

The pilot US booster programme is part of Scottish Enterprise’s new Missions-based approach, which aims to double the number of scaling companies in Scotland over the next decade.   

The companies involved will travel to the US in early March, having spent eight weeks in Scotland working with business experts to ensure there is a strong fit between their products and the market they intend to enter. 

LastingAsset is set to become the latest Edinburgh Napier spin-out – the term used for new businesses which began as an academic project – following cybersecurity firms like Cyacomb, MemCrypt, Symphonic Software and ZoneFox.

In 2023 ENU was named among the UK’s top ten universities for generating spin-out firms by one of Europe’s largest venture capital teams.

Pictures

Top: (L-R) CEO Nanik Ramchandani and COO Dr Zakwan Jaroucheha 

Find out more about Lasting Asset here >