A Tyneside cyber security businesses launched to help SMEs detect vulnerabilities in their IT systems has secured a £500,000 investment to aid expansion.
Newcastle-based company Melius Cyber has raised a further £500,000 from the North East Venture Fund, supported by the European Regional Development Fund and managed by Mercia, to help it create six new jobs and launch a new version of its CyberSafe platform.
CyberSafe, which was developed specifically for SMEs, monitors organisations’ IT networks, websites and mobile apps around the clock. It automates the process of vulnerability scanning and penetration testing, with experts simulating attacks to detect weaknesses. It also helps businesses to gain accreditation to standards such as Cyber Essentials and ISO 27001, by showing they have monitoring systems in place.
The new version of the platform will be launched in the coming months, and will include enhanced reporting and analytics, built in anti-ransomware, advanced email security, automated alerts and the ability to check over 250,000 vulnerabilities daily. The latest funding round brings the total raised to date to £1.35m and will also help the business work towards building a full security operation centre and a security information and event management solution.
Established in 2019, the Kingston Park company has been backed by Mercia Ventures and the North East Venture Fund since 2022. The previous two funding rounds have helped it to develop its system, bring it to market and expand its customer base. The latest funding round brings the total raised to date to £1.35m and will also help the business work towards building a full security operation centre and a security information and event management solution. The company now serves over 60 clients including Virgin Wines, Crafters Companion and Jules B.
Richard Brown, CEO of Melius said: “It is bad enough if a cyberattacker breaches your system but the damage can be far greater if you are not aware of it. CyberSafe reduces the average time it takes to detect a breach from 277 days to just one, enabling companies to take swift action. This support from Mercia Ventures and NEVF will enable us to accelerate product development and incorporate new AI capabilities. We are excited about the latest version of CyberSafe and looking forward to the launch.”
Ian Wilson, fund principal at Mercia, added: “Mercia has an in-depth knowledge of the cybersecurity market. Having supported Melius from an early stage, it’s been rewarding to see its progress with each funding round. CyberSafe solves a security headache for SMEs and this latest investment will enable Richard and the team to establish it as a leader in its field.”