A Manchester-based cybersecurity startup has become the latest North West business to raise Northern Powerhouse Investment Fund II funding.
Founded in 2020, CloudGuard specialises in automation and AI-led cyber attack detection, protection and response services to help businesses proactively remove threats in real time.
It intends to create up to 20 new cybersecurity jobs over the next 12 months, taking its workforce to 50, and strengthen its AI research partnerships with Manchester universities.
CloudGuard raised the money from NPIF II – Praetura Equity Finance, which is managed by Praetura Ventures as part of the Northern Powerhouse Investment Fund.
The investment will also be used to grow the CloudGuard Cyber Academy, which will provide training and industry experience to talent of all ages and levels, including those seeking their first role in the industry or others who are looking to change careers.
Led by CEO Matt Lovell and CTO Javid Khan, the business provides SMEs and large enterprises from a wide range of sectors, including manufacturing, professional services and utilities, with highly responsive and adaptive cybersecurity services – enhancing both security and cost efficiency.
“Unfortunately for many businesses, the complexity and volume of cyber events is increasing every day,” said Lovell. “More effective use of automation and AI is fundamental to enabling better detection, protection, response and resolution outcomes, but equally as threats continually evolve, so must our capabilities.
“CloudGuard are striving to provide more cost-effective, more responsive resolution-based services for all businesses with leading security solutions from Microsoft and other partners.
“Manchester is our home. It’s such an amazing city, rapidly becoming one of the UK’s leading cyber hubs. We are thrilled with the Northern Powerhouse investment and plans to accelerate our business and talent.”
Michael Rees, investment manager at Praetura Ventures, said: “Manchester has grown to become a leading cybersecurity ecosystem over the last several years because of companies like CloudGuard and their commitment to developing and growing the next generation of cybersecurity specialists locally.
“Alongside Matt and Javid’s extensive domain expertise and experience, this commitment is what attracted us to invest and sums up why NPIF II is so important.”