FAT32, an innovative RegTech company founded in 2024 and based in the UK, recently marked its introduction to the cybersecurity market by securing a significant initial funding.
The firm specializes in automating and simplifying compliance with various cyber and data security standards through its proprietary software, OneClickComply®.
The company’s first funding round amounted to £625,000, of which Northstar Ventures deployed £350,000 through its new Venture Sunderland Fund.
FAT32 is transforming the way organisations handle cybersecurity compliance. Traditionally a manual and time-consuming task, FAT32’s software allows for the automated implementation of critical security protocols. This not only speeds up the process by a factor of 20 compared to conventional methods but also reduces costs significantly.
The funds from this round will be utilised to further develop the OneClickComply® software and expand the FAT32 team. This investment underscores the company’s commitment to innovating within the cyber security sector and contributing to the growth of Sunderland’s tech ecosystem.
In addition to enhancing their software, FAT32 aims to create high-skilled digital jobs in the North East, reinforcing the region’s cyber security cluster. The UK’s cyber security market, which was valued at £11bn in 2023, is projected to grow substantially, driven by advanced cyber threats and regulatory needs.
FAT32 co-founder Connor Greig expressed his enthusiasm for the investment. Greig said, “FAT32 is delighted to be the first investment from the Venture Sunderland Fund. We are truly passionate about levelling up the North East by creating skilled digital jobs in the region and are thrilled to be working with Northstar Ventures to do just that.
“Cyber security is a pressing challenge that affects us all, and keeping on top of it is increasingly difficult due to the ever-evolving threat landscape. That’s why at FAT32, we have automated cyber security compliance to make it easy and affordable for all businesses. Our platform is the first to combine continuous monitoring with automated remediation. We highlight non-compliance issues and fix them automatically, helping companies navigate their compliance journey within a click, with no cyber experience required.”
Keep up with all the latest FinTech news here
Copyright © 2024 FinTech Global