Cyber security software company Panaseer has successfully raised $2.25m through a syndicated seed investment round.
The investors include Albion Ventures, Notion Capital, Winton Technology Ventures, C5 Holdings, and Elixirr.
Panaseer was founded in 2014 by Nik Whitfield and a team of cyber security experts from BAE Systems. It is one of a new wave of UK cyber security start-ups working with commercial enterprises and was selected to accompany David Cameron to Washington DC earlier this year as part of a cyber-security delegation.
Panaseer has since signed its first New York-based financial services client.
Corporates spent $71bn on cybersecurity in 2014 and this sum is expected to increase rapidly. In the UK, 80% of large corporates suffered a cyber breach in 2014, with an average cost of £1m per breach.
A key trend to note is that cybercrime has become highly sophisticated: advanced tools that were previously the domain of national espionage have filtered down to the criminal world, with organised gangs behind highly targeted attacks to steal cash and trade secrets from multi-national enterprises.
Edinburgh-based EdTech startup Sumdog gets £1.4m
Panaseer has built a platform which analyses the data provided by all the different cyber security solutions and provides a visual interface to drill down into and understand this information, and so inform board-level decisions on the allocation of security budgets or weaknesses in cybersecurity policies.
“Recent high profile hacks have shot cyber security to the top of company’s risk concerns and major enterprises are only too aware of the threats they might face from the various hacking groups who target them,” said Nik Whitfield, CEO, Panaseer.
“The increased awareness of cyber-attacks presents a new problem for those tasked with protecting their organisations and boards are now regularly asking “how secure are we?”
“New big data technologies such as the Panaseer Security Data Lake allow us to analyse this cyber-relevant data to produce previously unobtainable insight. We are delighted to have successfully completed this round of investment.”
As well as growing a New York client base, Panaseer is currently working with several UK financial services customers.