According to the World Economic Forum, the cybersecurity market continues its meteoric ascent with a significant increase in cybercrime damages. Furthermore, the “Global Risks Report 2020” states that cybercrime will be the second most concerning risk for global commerce over the next decade.
Raised £18 million
Based out of Chelmsford, the UK, Glasswall protects organisations from file-based threats and is a recognised leader in the field of content, disarm, and reconstruction (CDR). Recently, the company has secured £18 million funding in additional equity capital to finance its continued expansion.
Who backed Glasswall?
The round was led by IPGL, Lord Spencer’s private investment group, and several other high net worth investors including, Lord Rose, Chairman of Ocado, Lance Uggla, Chairman and CEO of IHS Markit, and Andy Bell, founder, and CEO of AJ Bell.
How will the funding be used?
The proceeds will be invested in advancing Glasswall’s next stage of growth with a focus on product development, engineering, sales, and marketing.
Protects against complex file-based threats.
Glasswall uses patented technology, which has been validated and is deployed by intelligence agencies around the world, to create safe, clean, and visually identical files.
By analysing and regenerating files in real-time, Glasswall gives organisations protection against even the most persistent and complex file-based threats.
With malware morphing faster than ever before, traditional antivirus and sandboxing technologies often find themselves a step behind bad actors, which has led to a rise in the adoption of CDR technology.
CDR technology is used in the government, intelligence, and defense space and is increasingly gaining traction across a large number of sectors, including financial and professional services, pharma, and healthcare.
The company’s sales are expected to surpass £4.5 million this year following two successive years achieving over 50% growth. Glasswall Solutions has offices in the United Kingdom and in the United States,
Danny Lopez, Glasswall’s CEO, said: “We are extremely pleased with the success of this fundraiser, the continued and much-valued support shown by Michael Spencer and IPGL, and the enthusiasm of our most recent investors. These funds will enable us to focus on an ambitious and exciting next chapter of growth for the company. Cyber threats continue to surge, particularly as we all increasingly rely on cloud-based technologies. At Glasswall, we are passionate about our resolve to protect organisations from file-based threats. We believe Glasswall’s technology makes the online world safer and we are really excited at the opportunity we now have to take our technology to a much wider audience.”
Lord Spencer added: “As someone who has run a number of technology-critical businesses in my career I was immediately struck by Glasswall’s security offering when I first invested in 2018. Since then the business has proven the efficacy of its CDR technology and is now ready to open itself up to a much broader market, in which I feel confident it will do extremely well, so I was very happy to be the cornerstone investor in this fresh funding round.”