Manchester-based CloudGuard says it will create up to 20 new cybersecurity jobs over the next 12 months.
The start-up made the announcement after receiving NPIF II – Praetura Equity Finance, which is managed by Praetura Ventures as part of the Northern Powerhouse Investment Fund.
The exact sums haven’t been revealed, but the company, founded in 2020, said it would use the “multi-million pound” backing to expand its operation in the city and increase its workforce from 30 to 50.
It also said it would strengthen AI research with Manchester universities and grow its CloudGuard Cyber Academy. This provides training and industry experience to people of all ages and levels.
“Unfortunately for many businesses, the complexity and volume of cyber events is increasing every day,” said Matt Lovell, co-founder and CEO at CloudGuard.
“More effective use of Automation and AI is fundamental to enabling better detection, protection, response and resolution outcomes, but equally as threats continually evolve so to must our capabilities. Response time is critical to mitigating the impact of cyber events in any business, as well as improving business resilience. CloudGuard are striving to provide more cost-effective, more responsive resolution-based services for all businesses with leading security solutions from Microsoft and other partners. Manchester is our home. It’s such an amazing City, rapidly becoming one of the UK’s leading cyber hubs. We are thrilled with the Northern Powerhouse investment and plans to accelerate our business and talent.”
Sue Barnard, Senior Manager at British Business Bank added:
“The North West is continually proving that it is at the forefront of the cybersecurity industry in the UK, as demonstrated by this latest investment. Providing businesses with investment opportunities is a crucial tool in boosting the growth of the entire Northern economy, and as shown in this latest deal, a way to increase high-skilled job opportunities for people in the region as well.”
The £660m Northern Powerhouse Investment Fund II (NPIFII) covers the entire North of England and provides loans from £25k to £2m and equity investment up to £5m.
