Member News
A Newcastle company whose platform enables businesses to monitor their cybersecurity and rapidly detect threats has raised a further £250,000 from the North East Venture Fund (NEVF), supported by the European Regional Development Fund and managed by Mercia.
The latest investment will enable Melius CyberSafe to increase its market share following the launch of a new and more powerful version of its platform earlier this year. The CyberSafe platform, which aims to make ‘big business security’ accessible for SMEs, was originally developed in 2022 using funding from Mercia and the NEVF.
The system monitors a company’s IT network, website and mobile apps around the clock and automates the process of penetration testing - simulating attacks to detect weaknesses. It also helps users gain accreditation to standards such as Cyber Essentials and CE+ by showing they have monitoring in place. Melius CyberSafe clients include Virgin Wines, Crafter’s Companion and Jules B.
Melius CyberSafe has almost doubled its annual recurring revenue (ARR) to over £500,000 over the past 12 months and is on course to reach £1m in year ahead. The company has also signed up a number of key distribution partners. The latest funding round brings the total raised to date to £1.6m and comes amidst growing concerns about cybersecurity.
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.”
