Manchester-based cybersecurity company, Cytix, has raised £1.6m in its latest funding round.
It plans to use the cash to expand its client base and scale operations to support tech defences.
“Automated scanning technologies have transformed the way we identify and remediate most vulnerabilities. However, companies still need to rely on manual penetration testing for certain classes of vulnerability that automated tools can’t detect,” explained CEO, Ben Armstrong, who co-founded the business in 2022.
“This area of the market has remained largely a stagnant and annual process, meaning a proportion of vulnerabilities are left to be detected just once a year. Cytix is here to change that using the latest AI models to bring all testing forward and create targeted testing at scale.
“Our latest funding round enables us to expand our existing A star team to tackle the problem and achieve our goal of bringing security testing up to speed with modern development. More and more companies are prioritising fast and safe development and Cytix is the perfect security testing partner to help them achieve that.”
The raise was co-led by NPIF II – Praetura Equity Finance, which is managed by Praetura Ventures and is part of the Northern Powerhouse Investment Fund II.
“The North West is rich with innovative cybersecurity companies doing transformational work to protect businesses in all sectors. Now Cytix is pioneering a new form of penetration testing that improves results for clients, providing the business with a perfect platform for growth,” added Michael Rees, Investment Manager at Praetura Ventures.
“With funding from NPIF II, and more than money from Praetura, Cytix has the resources it needs to continue its exciting growth trajectory and scaling journey from its base here in Manchester.”
Cytix’s clients include stablecoin fintech BNVK, medical clinical trials company Protas and bot prevention company Netacea as well as Cambridge University’s research and publishing arm, Cambridge University Press & Assessment.
It’s seeking to double its client base within the next 12 months and further develop its product offering for the enterprise market, with plans to target the banking sector, financial services and fast-growing software businesses.
