Cytix, a cybersecurity company based in Manchester, has successfully raised £1.6 million in a recent funding round. The investment aims to facilitate the company’s growth and development of advanced security solutions.
- The funding round was co-led by NPIF II – Praetura Equity Finance, demonstrating significant confidence in Cytix’s innovative approach.
- CEO Ben Armstrong highlighted the limitations of traditional security testing methods and the potential of AI-driven techniques.
- Cytix already serves high-profile clients including BNVK, Protas, Netacea, and Cambridge University Press & Assessment.
- Plans are underway to double Cytix’s client base and expand its service offerings across various sectors.
Cytix, a Manchester-based cybersecurity firm, has successfully secured £1.6 million in a recent funding round to support its ambitious growth strategy. This significant investment, co-led by NPIF II – Praetura Equity Finance, underscores the market’s confidence in Cytix’s cutting-edge approach to improving cybersecurity measures. With these funds, Cytix aims to enhance its client base and streamline operations to bolster technical defences.
Chief Executive Officer Ben Armstrong articulated the intrinsic challenges faced by companies relying solely on traditional penetration testing methods, which typically identify vulnerabilities only annually. He emphasised that automated scanning technologies, while transformative, still fall short in detecting all types of vulnerabilities. Armstrong stated, “Automated scanning technologies have transformed the way we identify and remediate most vulnerabilities. However, companies still need to rely on manual penetration testing for certain classes of vulnerability that automated tools can’t detect.” In response, Cytix harnesses the power of advanced AI models to innovate and expedite security testing, bridging gaps left by conventional tools.
Cytix’s strategic move to pioneer a new form of penetration testing is intended to deliver enhanced results for clients, providing a robust foundation for growth. Michael Rees, Investment Manager at Praetura Ventures, remarked on the vibrant innovation scene in the North West, noting that Cytix is at the forefront of redefining security testing dynamics. “With funding from NPIF II, and more than money from Praetura, Cytix has the resources it needs to continue its exciting growth trajectory and scaling journey from its base here in Manchester,” Rees added.
Current high-profile clients of Cytix include stablecoin financial technology provider BNVK, clinical trials company Protas, and bot prevention firm Netacea, as well as the Cambridge University Press & Assessment. Over the next 12 months, Cytix aspires to double its client portfolio and enhance its solutions for the enterprise market, particularly targeting sectors such as banking, financial services, and rapidly expanding software enterprises.
Cytix’s recent funding bolsters its mission to advance cybersecurity measures and expand its market reach, highlighting innovative solutions in this dynamic sector.
