A cyber security company that has developed automated software that helps SMEs identify vulnerabilities in their IT system has raised £350,000 from the North East Venture Fund (NEVF), backed by the European Regional Development Fund and managed by Mercia.
The Melius Cyber platform monitors the organization’s IT network around the clock, checking its security and protecting it from the latest threats. CyberSafe automates the vulnerability scanning and penetration testing process, where cyber experts simulate attacks to identify system weaknesses.
The platform has been designed specifically for small and medium-sized businesses and meets Cyber Essentials, a government-backed accreditation scheme that shows businesses take cyber security seriously. This helps businesses gain accreditation by demonstrating that they are monitored and can meet the criteria.
The funding will enable the Newcastle-based company to increase sales and marketing to expand its customer base and further develop the platform, including adapting it to meet the needs of financial services and other FCA-regulated firms.
The enterprise, which currently employs eight people, plans to create five new jobs in the next six months.
Melius Cyber was founded in 2019 by Dave McPherson, a former IT specialist at the Bank of England. The company is a spin-off from Melius Group, the Newcastle-based IT services company he founded seven years ago.
Richard Brown, CEO of Melius, said: “Cybersecurity is an increasing concern for businesses, particularly with the increase in home working, and it is no longer enough to rely on standard solutions such as spam filters and firewalls. Large companies regularly stress test their network, but the cost to small firms is prohibitively high.
“CyberSafe overcomes this challenge by providing 24/7 service for the price of a one-time penetration test. The funding will allow us to roll out the system and help protect many more businesses.”
Ian Wilson, head of the Mercia Foundation, said: “CyberSafe fills a gap in the market for a product that provides security testing at a price that small and medium-sized businesses can afford. Not only does this help them prevent attacks, but it also helps them meet recognized standards and ensure customer and supplier confidence.
“The investment will help Richard and the team navigate the growing cyber security market.”
