A Newcastle-based cybersecurity business has raised £350,000 which will enable it to boost sales and marketing to expand its platform for SMEs.
Melius Cyber was founded in 2019 by Dave McPherson, and is a spin off of the IT services business he founded seven years earlier.
The company has created the CyberSafe platform which monitors an organisations IT network, testing security and protecting it from any threats.
CyberSafe automates the process of vulnerability scanning and penetration testing, in which cyber experts simulate attacks to detect weaknesses in the system.
The funding was raised from the North East Venture Fund (NEVF), supported by the European Regional Development Fund and managed by Mercia and will be used to expand its client base, and allow the platform the be adapted to meet the needs of financial services and other FCA-regulated firms.
Five jobs are also expected to be created in the next six months, adding to the eight staff already employed.
Richard Brown, chief executive of Melius, said: "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."
Ian Wilson, fund principal at Mercia, added: "CyberSafe fills a gap in the market for a product that provides security testing at a price that SMEs can afford. It not only helps them prevent attacks, but also to comply w ..
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