UK-based CyberTech Melius Cyber raised £350k in funding

UK-based Cybersecurity platform for SMEs Melius Cyber has reportedly raised £350,000 in funding.

The capital was supplied by the North East Venture Fund and the European Regional Development Fund, according to a report from Business Cloud.

With the funds, Melius Cyber hopes to expand its client base and further the development of its platform. It currently has a team of eight but plans to hire an additional five over the next six months.

Founded in 2019, Melius offers cybersecurity solutions that help organisations protect their systems, data and customer data. Its flagship solution CyberSafe monitors a company’s network 24/7 and tests their security to protect them from the latest threats. Its features include penetration testing, corporate procedural testing, behavioural testing, API testing, incident response and cyber audits.

Melius CEO Richard Brown told Business Cloud, “Cybersecurity is a growing problem for businesses, particularly with the rise in home working, and it is no longer enough to rely on off-the-shelf solutions such as spam filters and firewalls. Big companies regularly stress test their network, but the cost is prohibitive for smaller firms.

“CyberSafe overcomes this problem by providing a 24/7, year-round service for the price of a one-off penetration test. The funding will enable us to roll out the system and help safeguard many more businesses.”

Last month, fellow UK-based RegTech company Torsion scored £1.1m in its funding round. It offers a data access governance software platform.

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