A cybersecurity specialist, which helps SMEs find vulnerabilities in their IT systems, has raised £350k from the North East Venture Fund.
Melius Cyber has developed the CyberSafe platform to monitor IT networks, test security and protects them from the latest threats. It was created specifically for SMEs and aligns to the government-backed Cyber Essentials accreditation scheme.
The cash will be used to boost the company’s sales and marketing, and further develop the software, specifically to meet the needs of the financial services sector.
“Cybersecurity is a growing problem for businesses, particularly with the rise in home working, and it is no longer enough to rely on off-the-shelf solutions such as spam filters and firewalls. Big companies regularly stress test their network, but the cost is prohibitive for smaller firms,’ said Richard Brown, CEO of Melius.
“CyberSafe overcomes this problem by providing a 24/7, year-round service for the price of a one-off penetration test. The funding will enable us to roll out the system and help safeguard many more businesses.”
The North East Venture Fund is supported by the European Regional Development Fund and managed by Mercia.
“CyberSafe fills a gap in the market for a product that provides security testing at a price that SMEs can afford,” added Ian Wilson, Fund Principal at Mercia.
“It not only helps them prevent attacks, but also to comply with recognised standards and provide reassurance for customers and suppliers. The investment will help Richard and the team to target the growing cybersecurity market.”
