A cybersecurity company that has developed automated software that helps SMEs detect vulnerabilities in their IT systems raised £ 350,000 from the North East Venture Fund (NEVF), supported by the European Regional Development Fund and managed by Mercia.
Melius Cyber’s platform monitors an organization’s IT network around the clock, testing security and protecting it from the latest threats. CyberSafe automates the process of vulnerability scanning and penetration testing, in which IT experts simulate attacks to detect system weaknesses.
The platform was developed specifically for SMBs and aligns with Cyber Essentials, the government-backed accreditation scheme that shows companies to take cybersecurity seriously. Help companies gain accreditation by demonstrating that they have monitoring in place and can meet the criteria.
The funding will allow the Newcastle-based company to increase sales and marketing to expand its customer base and further develop the platform, including adaptation to meet the needs of financial services and other FCA regulated companies. The company, which currently employs eight people, plans to create five new jobs over the next six months.
Melius Cyber was founded in 2019 by Dave McPherson, a former IT specialist at the Bank of England. The company is a spin-off of Melius Group, the Newcastle-based IT services firm he founded seven years earlier.
Richard Brown, CEO of Melius, said: “Cyber security is a growing problem for businesses, particularly with the increase in work from home, and it’s no longer enough to rely on standard solutions like spam filters and firewalls. Large companies regularly stress their network, but the cost is prohibitive for smaller companies.
“CyberSafe solves this problem by providing 24/7 service all year round for the price of a one-time penetration test. The funding will allow us to implement the system and safeguard many more companies. “
Mercia Fund Principal Ian Wilson said: “CyberSafe fills a gap in the market for a product that provides security testing at a price that SMBs can afford. Not only does it help them prevent attacks, but it also helps them meet recognized standards and reassure customers and suppliers. The investment will help Richard and his team target the growing cybersecurity market. “
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Mercia Asset Management PLC
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About Mercia Asset Management PLC
Mercia is a proactive and specialized asset manager focused on supporting regional SMEs to realize their growth aspirations. Mercia provides capital through its four asset classes of balance sheet, venture, private equity and debt capital: the Group’s “Complete Connected Capital”. The Group initially feeds the companies through third-party funds under management, then over time Mercia can provide additional financing to the most promising companies, employing continuation capital from direct investments from its balance sheet.
The Group has a strong presence in the UK through its regional offices, 19 university partnerships and extensive personal networks, which provide it with access to a stream of high quality deals. Mercia currently has around £ 800m in assets under management and has invested over £ 96m in its direct investment portfolio since its IPO in December 2014. Mercia Asset Management PLC is listed on AIM under the epic “MERC”.
The Group collects its Venture Capital Trust (VCT) and Enterprise Investment Scheme (EIS) funds and details on open offers are available on the Mercia website.
Mercia Asset Management PLC is listed on AIM under the epic “MERC” and includes the following wholly owned subsidiaries:
- Mercia Fund Management Limited is authorized and regulated by the FCA under the reference number 524856
- Enterprise Ventures Limited is authorized and regulated by the FCA under the reference number 183363
- EV Business Loans Limited is authorized and regulated by the FCA under the reference number 443560
About the North East Fund
The North East Fund is a suite of five venture capital and loan funds which was established in April 2018 to invest £ 120 million in approximately 600 North East companies over the period to March 2023. The fund managers they provide business development advice and investment finance to small and medium-sized businesses. medium-sized enterprises based in the seven local authority areas of north east England: Northumberland, North Tyneside, Newcastle, South Tyneside, Gateshead Sunderland and County Durham. The program encourages investment and commercialization of new technologies, including low-carbon technologies, as well as stimulating the creation of new businesses, private investment and entrepreneurship in the Northeast, with the aim of creating over 2,500 new jobs. The North East Fund has overall responsibility for the program, which is provided through five separate funds, each managed by independent FCA regulated fund managers. Details of these and up-to-date information on the progress of the program are available on the North East Fund website: www.northeastfund.org
The North East Fund was established with funding from the North East England European Regional Development Fund program, the European Investment Bank and the yields of previous publicly supported investment funds based in the North East. It is jointly owned by the seven local authorities of the north-east
On the European Regional Development Fund
The North East Fund will receive up to £ 58.5 million in funding from the European Regional Development Fund of England under the European Structural and Investment Funds Growth Program 2014-2020. The Ministry of Housing, Communities and Local Authorities is the managing authority of the European Regional Development Fund. Established by the European Union, the European Regional Development Fund helps territories to stimulate their economic development by investing in projects that will support innovation, businesses, create jobs and the regeneration of local communities. For more information visit https://www.gov.uk/European-growth-funding.
On the European Investment Bank
The European Investment Bank (EIB) will lend up to £ 60,000,000 to the North East Fund program. The European Investment Bank is the long-term lender of the European Union owned by its Member States. It makes long-term funding available for solid investments to help achieve EU policy goals. For more information visit: http://www.eib.org/about/index.htm
Melius Cyber Consultancy Secures £ 350,000 Pre-Seed Investment From Mercia – UK Technology Investment News
Source link Melius Cyber Consultancy Secures £ 350,000 Pre-Seed Investment From Mercia – UK Technology Investment News