A Bath company that has developed hardware to help protect organisations against cyber attacks has secured a £1.5m investment.
The cash injection from Maven Capital Partners will be used by Blueskytec to expand its workforce and manufacturing capacity, it said.
The Bathwick-based business, which secured the funding through the British Business Bank’s South West Investment Fund, has created high-grade cyber security technology for use across industries including defence, civil nuclear, and energy.
The tech has undergone extensive testing and is already deployed across a number of industries and government bodies in the Ƶ and US.
The investment will also be used for business development efforts as Blueskytec moves toward full-scale deployment, it added.
Chris Mobley, chief executive of Blueskytec, said:“We are delighted to be partnered with Maven and the South West Investment Fund at this significant moment for the company.
"The Maven team dedicated time and effort to thoroughly understand our business, which enabled them to clearly see the full potential of the technology. We look forward to a strong collaborative relationship as we enter the next stage of our exciting journey.”
Rafi Khan, investment manager at Maven, said; “Given the rapidly expanding threat landscape and the regulatory imperative for enhanced cyber assurance, the addressable market for the company’s solution is large and growing. We’re delighted to back Chris, Nicky and the team at such a pivotal point in the company’s journey."
Lizzy Upton, senior investment manager at British Business Bank, added: “Cyber resilience is a critical priority for businesses and organisations across all sectors. Blueskytec is at the forefront of developing next-generation hardware security designed to protect sensitive infrastructure and we are delighted the South West Investment Fund is able to support their growth ambitions.”
The purpose of the South West Investment Fund is to drive sustainable economic growth by supporting innovation and creating local opportunity for new and growing businesses across the South West. It offers a range of commercial finance options with smaller loans from £25k to £100k, debt finance from £100k to £2m and equity investment up to £5m.
