A Newcastle-based cybersecurity firm has secured £500,000 in funding as it prepares to roll out its automated platform to protect SMEs.
Melius Cyber, founded in 2018, was created as a spinout from the IT business Melius Group. Its security platform automates vulnerability scanning for IT systems and small and medium businesses.
The platform simulates cyberattacks on client systems to detect and remove weaknesses for SMEs. The company said its tech is in line with the government’s Cyber Essentials scheme and is seeking accreditation.
Now backed by additional funding, Melius said it will look to roll out its product to a wider client base.
“We had a great 2022 in terms of moving the product forward, building our team and putting the foundations in place for growth,” said Richard Brown, CEO of Melius.
“Our focus now is to grow our customer base and to continue to improve the product. This investment gives us the working capital we need to build our brand and market position.”
The latest investment into Melius came from the North East Venture Fund, part of the European Regional Development Fund, and follows its previous £350,000 cash injection into Melius in June 2022.
The North East Venture Fund is managed by Mercia Asset Management PLC.
“Cybersecurity is no longer viewed as an optional extra but as an essential service, one that is required for reporting, insurance and governance purposes,” said Ian Wilson, fund principal at Mercia.
“[Melius’] progress over the past nine months demonstrates the benefits that early-stage companies can achieve by offering them a wider support package – not only in providing funding but also helping them put the right people and structures in place.”
The North East Venture Fund last year led a £500,000 investment into the Newcastle-based recruitment platform Haystack.