CyberSmart has bagged £5.5m in its Series A which will be used to better position itself in helping secure small and medium-sized businesses.
The capital injection was supported by IQ Capital and a group of unnamed individual investors.
UK-based CyberSmart offers a cybersecurity platform which can identify risks and get a business compliant with related regulations.
CyberSmart CEO Jamie Akhtar said, “I set up CyberSmart was after witnessing first-hand how SMEs suffer data breaches and realising that hundreds of thousands of businesses were suffering cyberattacks. When we started, 74% of SMEs had a breach that year, if 74% of buildings caught fire, there would be fire stations on every corner.
“The technology is now there that enables us to automate protecting SMEs and by implementing a cloud-based platform that is both simple and cost effective to deploy, backed by a Cyber Essentials Certification.”
He went on to explain the digital phase of businesses has been in two phases. The first was rapid transformation, trying to quickly get connectivity and communication. Businesses are now in phase two. This is ensuring safe and secure infrastructure, it said.
The coronavirus has forced the majority of businesses to have staff working from home, which has helped the cybersecurity industry, CyberSmart believes. The resulted impact of remote working has been companies increasing spending on digital security, helping CyberSmart to increase its revenue by 300% over the past 12 months.
A study from research company Canalys, claims the global cybersecurity market increased by 9.7% in the first three months of 2020 compared with the same period in 2019.
IQ Capital partner Kerry Baldwin said, “What we like about CyberSmart was the automated solution to secure companies and make them compliant with certifications like Cyber Essentials, and that it reaches the underserved SME market that we felt just wasn’t being protected.
“When we see signs that a company has found product market fit, is way ahead in hitting its targets and is finding innovative partnerships with managed security service providers to deliver massive market penetration then we know it is a great time to invest and secure our position.”
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