Newcastle cybersecurity firm Melius CyberSafe has raised £250,000 to help grow its software which automates testing of security systems.
The Kingston Park-based business has secured the backing of the North East Venture Fund, supported by the European Regional Development Fund and managed by Mercia. Melius will use the funds to progress its CyberSafe platform, which is described as a comprehensive cyber security service for businesses - helping them protect valuable assets and sensitive data from threats such as malware, ransomware and phishing attacks.
The system is said to make "big business security" accessible to SMEs by monitoring IT networks, websites and mobile apps and automating 'penetration testing' which simulates attacks to probe weaknesses. It checks for more than 200,000 known vulnerabilities including weak passwords and unpatched devices.
Melius also helps customers meet accreditation standards such as Cyber Essentials and CE+ by having monitoring in place. Its counts high profile names such as Virgin Wines, Crafter's Companion and Jules B among its customer base.
The firm is said to have doubled its annual recurring revenue to more than £500,00 in the past 12 months and is on course to reach £1m in the next year and has also signed up distribution partners. Mercia's backing follows its original investment in 2022 and brings the total Melius has raised to £1.6m.
Richard Brown, CEO of Melius CyberSafe said: "The recent attacks on leading retailers should be a wake-up call for every company. CyberSafe aims to make cybersecurity accessible for businesses of all sizes, enabling them to rapidly detect any threats and take swift action. We would like to thank Mercia and the NEVF for their support to help us develop the platform, bring it to market and - with this latest funding round - to further expand our reach."
Ian Wilson, fund principal at Mercia, added: “Mercia has in-depth experience in the cybersecurity sector, and we are proud to have played a key role in the success of Melius CyberSafe. Traditional cybersecurity is beyond the reach of many small firms due to the high cost but CyberSafe helps to solve this problem by automating key processes. With businesses under attack from criminal gangs and hostile states, the need for it is arguably greater than ever.”
