New jobs are to be created at a hotly-tipped North East company after it received £600,000 of investment.
Durham’s Intelligence Fusion has won the investment from the Finance Durham Fund and existing investors, and will use the money to invest in an in-house technology team, creating 10 new jobs.
The company delivers military grade security and intelligence information and is aiming to gain a slice of the global threat intelligence market that is estimated to be worth nearly £15bn by 2025.
CEO Michael McCabe founded the business in 2014 after 15 years working in security intelligence as an intelligence operator with the British Army and in the private security industry.
He said: “This investment will allow us to create our own internal technology team and work with experts in datamining, machine learning and artificial intelligence, so clients can expect the pace at which we develop new innovative tools and features to significantly increase.
“It also allows us to add to our team of intelligence analysts, taking us to 24/7 operational coverage as we challenge our domestic and foreign competitors for market share.”
The funding round has been led by Maven Capital Partners and will allow Intelligence Fusion to make significant enhancements to its online platform, as well as strengthening its sales and marketing and intelligence team.
The £20m Finance Durham Fund has been set up by Durham County Council and its economic development company, Business Durham, to support the growth of businesses located in the county.
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Sarah Slaven, operations director at Business Durham, said: “It’s great Intelligence Fusion are continuing to grow and invest, they are a fantastic example of the kind of dynamic company Finance Durham was set up to help.
“The investment will create new jobs in this exciting growth sector in County Durham, supporting Business Durham’s strategy to deliver business and economic growth.”
Michael Dickens, investment manager at Maven, said: “We’re delighted to take part in this funding round as Intelligence Fusion invests in its team to meet growing demand for its product.
“Michael is hugely knowledgeable and has demonstrated that there’s a real and growing need for the technology the business has developed across a wide range of business sectors.”