UK-based cybersecurity platform Melius Cyber has raised £500,000 from the North East Venture Fund to support
The capital injection was also supported by the European Regional Development Fund.
This is the second funding round within a year for Melius Cyber. It previously bagged £350,000 from the North East Venture Fund in June 2022 to support the development of its platform and scalability.
Since then, Melius has attracted several key clients, including financial services and public sector bodies. The company has also worked with Mercia, an asset management firm, to support its growth.
Melius recently bolstered its management team through several senior appointments, including Matt Little as its chair.
Commenting on the deal, Melius CEO Richard Brown said, “We had a great 2022 in terms of moving the product forward, building our team and putting the foundations in place for growth. Our focus now is to grow our customer base and to continue to improve the product. This investment gives us the working capital we need to build our brand and market position.”
Melius aims to make cybersecurity easy, simple and affordable for SMEs. Its Cyber Safe product provides an end-to-end cybersecurity solution that helps organisations protect their valuable assets and sensitive data from cyber threats, including malware, ransomware and phishing attacks.
Its features include vulnerability scanning, network monitoring, data encryption and compliance reporting.
Mercia Fund principal Ian Wilson added, “Cybersecurity is no longer viewed as an optional extra but as an essential service, one that is required for reporting, insurance and governance purposes. Melius’s platform could solve the security headache for many SMEs.
“Its progress over the past nine months demonstrates the benefits that early-stage companies can achieve by offering them a wider support package – not only in providing funding but also helping them put the right people and structures in place. The latest funding round will enable Melius to move to the next level.”
In other CyberTech news, Thrive, a provider of cybersecurity, cloud and digital transformation managed services, has acquired cloud and data protection provider Storagepipe.
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