Melius CyberSafe, a Newcastle-based cybersecurity company, has raised £250,000 from the North East Venture Fund (NEVF), supported by the European Regional Development Fund and managed by Mercia.
The funding will support the growth of Melius CyberSafe’s automated threat detection platform, which is designed to make enterprise-grade cybersecurity accessible to SMEs. The platform, first developed in 2022 with earlier support from Mercia and the NEVF, monitors IT networks, websites and mobile apps, and automates penetration testing to identify vulnerabilities. It also assists businesses in achieving cybersecurity accreditations such as Cyber Essentials and CE+.
This investment follows the launch of a new, more advanced version of the platform earlier this year. The company aims to increase market share and has already attracted clients including Virgin Wines, Crafter’s Companion and Jules B. It has also established key distribution partnerships.
Melius CyberSafe has nearly doubled its annual recurring revenue to over £500,000 and is targeting £1m within the next year. The latest round brings total funding to £1.6m, as demand for cybersecurity solutions grows amid rising threats.
Melius CyberSafe CEO Richard Brown said, “The recent attacks on leading retailers should be a wake-up call for every company. CyberSafe aims to make cybersecurity accessible for businesses of all sizes, enabling them to rapidly detect any threats and take swift action. We would like to thank Mercia and the NEVF for their support to help us develop the platform, bring it to market and – with this latest funding round – to further expand our reach.”
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