A Durham software firm has secured a £400,000 investment to ramp up its growth in the expanding global intelligence market.
Intelligence Fusion – winner of the Innovation Award at the North East Business Awards in 2018 – has tapped into the six-figure sum in a deal led by Maven Capital Partners.
The software as a service firm, based at the Aykley Heads Business Centre, has received the funds from a number of sources including the Finance Durham Fund, The Future Fund and existing investors.
The follow-on investment will support the business as it enters its next phase of growth after it developed and launched its intelligence data feed platform two years ago.
£100,000 was invested on behalf of the Finance Durham Fund which was established by Durham County Council to encourage businesses to grow and invest in County Durham.
A further £200,000 was provided by The Future Fund, a government scheme backed by the British Business Bank, and £100,000 was invested on behalf of new and existing private investors.
Intelligence Fusion provides software, products, consultancy, and training to help companies understand global threats to enable them to make better informed decisions.
The company combines data and analysis to allow customers to detect and respond to incidents, avoid threats and protect their people, assets and operations worldwide.
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It works across a range of industries such as medical, manufacturing, telecoms, transport and logistics, energy and chemicals, providing data and intelligence which is displayed on an online platform. It can also be integrated into the client’s own systems through a live data feed.
Michael McCabe, CEO of Intelligence Fusion, says security situations and incidents including public protests, violence and unrest, migration and trafficking, threats to oil and gas pipelines, cyber-attacks and environmental activism are increasing year on year.
Added to the increasing number of internet and smart phone users, it means the global threat intelligence market is expected to reach $17.9bn by 2025.
Mr McCabe launched the firm following his experience in security intelligence with the British Army and in the private security industry.
The team is made up of specialists from 17 different countries with over 30 years’ experience in intelligence and risk monitoring.
Ex-Microsoft director Robert Hayes was recently been appointed as chairman, bringing experience of cyber security, crisis management, and strategic risk assessment.
Mr McCabe said: “We are delighted to have secured £400,000 of investment to help support us on this next stage of growth. With Covid-19 we have witnessed great change globally, which is impacting the security landscape.
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“Intelligence Fusion has supported our clients through this period and helped them to mitigate emerging threats. With this investment we will deepen our technology to enhance our intelligence solution, as well as add to our sales and marketing teams to increase and diversify our client base into new sectors and markets.”
Michael Dickens, investment manager of Maven, said: “We’re delighted to take part in this funding round as Intelligence Fusion enters an exciting phase of growth. With a real and growing need for this technology, the business is set to make waves in the Threat Intelligence market with a highly sophisticated platform backed by a team of dedicated specialists with decades of combined experience in security intelligence.”
Coun Carl Marshall, Cabinet member for economic regeneration at Durham County Council, said: “The coronavirus pandemic continues to make the current economic climate difficult for businesses, so it is vital that we support companies during this rapidly changing time, ensuring the economy is sustained and resilient in this period of uncertainty.”
arah Slaven, Business Durham’s interim managing director, added: “ This investment builds on funding awarded to the company in previous years demonstrating how, through the Finance Durham Fund, we are able to support companies in County Durham over the long term. We encourage businesses like Intelligence Fusion to think about how investment could help them take the next step in their own future growth and rise to the post Covid challenges.”