Melius Cyber, a cybersecurity specialist in Newcastle, has successfully secured £500,000 in funding from the North East Venture Fund.
- The investment aims to support the development of a new iteration of the firm’s CyberSafe platform, featuring cutting-edge technology.
- The funding will facilitate the creation of six new jobs, signifying an expansion in the company’s workforce.
- The new CyberSafe platform is designed to fortify SMEs’ cybersecurity with enhanced features, including real-time monitoring and threat detection.
- Melius Cyber aims to build a security operation centre as part of its long-term strategic goals.
Melius Cyber, a Newcastle-based firm specialising in cybersecurity, has been awarded £500,000 by the North East Venture Fund, which is supported by the European Regional Development Fund and managed by Mercia. This funding will play a crucial role in the launch of an updated version of Melius’s CyberSafe platform. The new platform is aimed at providing businesses with rapid detection of cyber risks, a necessity in today’s digital age.
The funding will also facilitate the creation of six new roles within the company, underscoring its growth trajectory. Melius Cyber’s platform was developed with SMEs in mind, providing continuous monitoring of IT networks, websites, and mobile applications. This automation of vulnerability scanning and penetration testing is designed to assist businesses in achieving important cybersecurity accreditations, such as Cyber Essentials and ISO 27001.
Notably, the enhanced version of CyberSafe will bring advanced features including built-in anti-ransomware capabilities, superior email security, and automated alerts. It will enable checks on over 250,000 vulnerabilities daily, a significant advancement for the platform. By using these capabilities, Melius Cyber aims to reduce the time it takes to detect a breach from an industry average of 277 days to merely one day.
The additional funding elevates the total investment in Melius Cyber to £1.35 million, highlighting the firm’s attraction to investors. Since its inception in 2019 and backed by Mercia Ventures and NEVF from 2022, Melius Cyber has successfully expanded its offering and clientele, serving over 60 companies, including notable names such as Virgin Wines and Crafters Companion.
According to CEO Richard Brown, “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.” Ian Wilson, Fund Principal at Mercia, supports this view, noting the significant progress of Melius Cyber’s funding rounds and its potential to establish itself as a leader in cybersecurity.
The latest funding round is an encouraging sign for Melius Cyber’s growth ambitions, paving the way for enhanced technological offerings and strategic expansion.
