Expansion potential in securing schools’ data
AS high-net-worth schools scramble to defend against heightened attacks from hacking groups, Australian-based software firm Alii has raised $2.5m in funding to push ahead with its expansion across the US and UK.
Last year dozens of Australian private and independent schools were forced to defend against online and email hacker attacks, with schools such as Kilvington Grammar School and Victoria’s Xavier College among a growing number of institutions directly impacted by cyber intrusions.
In November, Xavier revealed an email account of one of its employees had been accessed by a third party, with more than 100 people having their sensitive information stolen, including student records, birth certificates and visa applications.
Meanwhile, independent school Kilvington Grammar told families in November that its data had been breached and some personal information published as part of a separate incident.
Brisbane-based start-up Alii said it had grown rapidly as a result of heightened school hacking activity, lifting its client base by 240 per cent in six months and this month closing a $2.5m pre-Series A capital round to support its growth, lifting its valuation to $10.25m.
Alii chief executive Chamil Fernando, who joined the company in 2021 to scale its growth, said the start-up had signed on eight to 10 schools per month throughout 2022.
Alii’s technology integrates with existing accounts payable systems and counters issues relating to verification, security and fraud detection, Mr Fernando said, through a platform that digitises and automates procure-to-pay and accounts payable operations.
Australians lost $17bn to cyber crime last year and school environments that use legacy software and processes are among the most exposed to invoice fraud, the CEO said.
“It would be difficult to find a sector that has been exposed to a more dramatic tech upheaval over the last two years than education,” Mr Fernando said.
“Online learning and the increased need for automated systems and program management, as well as secure operational and communications processes, have suddenly taken a front seat in operational priorities.”
He said Alii is targeting 60 per cent penetration of Australia’s independent and private school market in the next three to five years.
“We have identified the US and UK as possible international expansion markets,” Mr Fernando said. “We are currently exploring key integration partners that will assist us to further continue our expansion into these regions.”