Melius CyberSafe, a UK 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 Newcastle-based 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.
