Digital forensics tech firm raises almost £1m
Digital forensic technology start-up Cyan Forensics has raised £900,000 in a new investment round, bringing its total funding to nearly £1.5 million since it was founded in 2016.
Based in Edinburgh, the award-winning company’s tech finds time-critical digital evidence in minutes, helping police in highly sensitive investigations such as child sexual exploitation and counter-terrorism.
The business is currently working with customers across law enforcement agencies and recently won an award from the UK government for its pioneering work.
“This latest round of investment will enable us to take full advantage of the market opportunities here in the UK and start developing our business internationally, as well as exploring other opportunities for our technology in cyber security,” said CEO Ian Stevenson.
“The whole team is excited about the success we’re seeing in our first operational deployments and the opportunities in front of us to contribute to public safety.”
This latest funding round saw American private investor Don Macleod, a director of Broadcom and former CEO of National Semiconductor, join existing investors Mercia Fund Managers and The Scottish Investment Bank, which both provided funding following their initial investments.
Mercia first backed Cyan Forensics as a spin-out from Edinburgh Napier University.
Investment manager Paul Devlin said: “We believe the business has the potential to make a real difference to the speed at which agencies are able to investigate highly sensitive crime using its innovative forensic technology.
“The customer base of government and law enforcement agencies is highly impressive and places the company in a great position for future growth.”
Kerry Sharp, director of the Scottish Investment Bank, added: “Scottish Enterprise has supported Cyan Forensics from an early stage and it is great to see the progress that has been achieved to develop and commercialise new technology in the area of digital forensics.
“This round of investment will provide the capital to start expansion internationally and into adjacent markets.”