Melius Cyber – a Newcastle-based company whose platform helps businesses to detect cyber risks within hours – has raised a further £500,000 from the North East Venture Fund, supported by the European Regional Development Fund and managed by Mercia.
The latest investment will enable it to launch a new version of its CyberSafe platform and expand its team with the creation of six new jobs.
CyberSafe, which was developed specifically for SMEs, monitors an organisation’s IT network, website and mobile apps around the clock.
It automates the process of vulnerability scanning and penetration testing, in which experts simulate attacks to detect weaknesses, and helps businesses to gain accreditation to standards such as Cyber Essentials and ISO 27001 by showing they have monitoring in place.
The new version, which will be launched in the coming months, will include enhanced reporting and analytics, built-in anti-ransomware, advanced email security, automated alerts and the ability to check over 250,000 vulnerabilities daily.
The latest funding round, which brings the total raised to date to £1.35m, will also help the business work towards building a full security operation centre (SOC) and a security information and event management (SIEM) solution.
Established in 2019, Melius Cyber has been backed by Mercia Ventures and the NEVF since 2022. The previous two funding rounds have enabled it to develop its system, bring it to market and expand its customer base. The company now serves over 60 clients including Virgin Wines, Crafters Companion and Jules B.
How to secure your business before new Cyber Security and Resilience Bill
Richard Brown, CEO of Melius, said: “It is bad enough if a cyberattacker breaches your system but the damage can be far greater if you are not aware of it. CyberSafe reduces the average time it takes to detect a breach from 277 days to just one, enabling companies to take swift action.
“This support from Mercia Ventures and NEVF will enable us to accelerate product development and incorporate new AI capabilities. We are excited about the latest version of CyberSafe and looking forward to the launch.”
Ian Wilson, fund principal at Mercia, added: “Mercia has an in-depth knowledge of the cybersecurity market. Having supported Melius from an early stage, it’s been rewarding to see its progress with each funding round.
“CyberSafe solves a security headache for SMEs and this latest investment will enable Richard and the team to establish it as a leader in its field.”