CloudGuard, a Manchester-based cybersecurity start-up, has announced a significant financial boost, raising funds from the Northern Powerhouse Investment Fund II (NPIF II).
Founded in 2020, CloudGuard focuses on automating and employing AI to detect, protect against, and respond to cyber threats in real time.
The investment, amounting to several million pounds, was sourced from NPIF II – Praetura Equity Finance, managed by Praetura Ventures as part of the Northern Powerhouse Investment Fund.
CloudGuard operates primarily in the field of cybersecurity, offering advanced solutions that empower businesses to proactively address digital threats. Their technology integrates artificial intelligence to offer dynamic and robust cybersecurity defenses.
This funding will facilitate the expansion of CloudGuard’s operations in Manchester, planning to grow its workforce from 30 to 50 employees. Moreover, the capital will also propel AI research in collaboration with local universities and bolster the development of the CloudGuard Cyber Academy. This academy is designed to cultivate a skilled cybersecurity workforce, offering training and hands-on industry experience for newcomers and professionals seeking career advancement.
This announcement coincides with Dr. Richard Horne, head of GCHQ’s National Cyber Security Centre, underscoring a 50% rise in nationally significant cyber incidents over the past year. This trend highlights the increasing need for effective cybersecurity solutions and collaborative efforts to strengthen national cyber resilience.
Matt Lovell, co-founder and CEO of CloudGuard, expressed his enthusiasm about the new investment, stating, “We are thrilled to have secured this backing from the Northern Powerhouse. The complexity and volume of cyber events are increasing daily, making effective use of automation and AI fundamental to better detection, protection, response, and resolution.
“As threats evolve, so must our capabilities. Quick response times are critical to mitigating the impact of cyber events and improving business resilience. CloudGuard is committed to providing more cost-effective, responsive resolution-based services with leading security solutions from Microsoft and other partners. Manchester is our home, rapidly becoming one of the UK’s leading cyber hubs, and we are excited about the future growth this investment will enable.
“In addition to funding operational and workforce expansion, CloudGuard plans to continue partnering with major tech companies like Microsoft to deliver top-tier security solutions. This collaboration aims to enhance responsiveness to cyber threats and increase overall business resilience.”
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