Plurilock Security (PLUR.V) today announced it has received $75,000 in funding from the National Research Council of Canada Industrial Research Assistance Program (NRC IPAP) to support Plurilock’s research and development of the application of behavioural biometric techniques against the behaviour of computer systems and processes.
NRC IRAP is the leading innovation assistance program in Canada that provides advice, connections, and funding to help small and medium-sized businesses. The funds received represent the third time that Plurilock has obtained financial support from NRC IRAP since 2018.
Plurilock will use the funds to develop algorithms to detect malware by its actions and behaviour, which will be added to the continuous authentication feature of the Company’s flagship cybersecurity platform.
“We are pleased to receive financial assistance from the National Research Council of Canada Industrial Research Assistance Program (NRC IRAP) for the third time in the last 5 years,” said Ian L. Paterson, CEO of Plurilock. “At Plurilock, we emphasize innovation towards scaling up our zero-trust technology and we intend to continue expanding our intellectual property portfolio in order to advance our AI-driven cybersecurity solutions.”
Equity Guru founder Chris Parry, has recently written about Plurilock and the Company using REAL AI. Plurilock is also highlighted in his AI sector roundup. Definitely a company that anyone interested in AI investing should have in their watchlist.
Plurilock just recently released its financial results for the three and twelve months ended December 31st 2022. A record was achieved with full year revenue reaching the $65 million threshold. Total revenue for the year ended December 31, 2022, was $64,632,371 as compared to $36,624,610 for the year ended December 31, 2021. An increase of 75% year-over-year.
Plurilock is up over 3% at time of writing and sits at a market cap just under $14 million.
The stock has regained a major support zone at $0.16. This is highly significant since the technical retest failed to hold above this zone recently. With a breakout above the $0.16 zone, a breakout was in play. However in recent days, the stock had fallen and closed back below this major breakout zone while respecting a downtrend line. The retest of the breakout failed, and did not see buyers step in.
With the stock back above $0.16, the stock can regain upside momentum and potentially test resistance at $0.225 and then $0.25. It should be noted that the stock is now in a small range between $0.16 and $0.175. The last 8 trading days have seen Plurilock consolidate in this small range. A close above $0.175 would be considered a breakout and would add to upside momentum.
