The funding round was led by Maven Capital Partners and will support product development and marketing.
"Maven is delighted to maintain its support for iAM following the company’s consistent commercial growth in recent years. We’ve been impressed by the ambition and drive demonstrated by the management team, as well as the strong performance of both business units in developing compelling propositions and ensuring customer retention. Furthermore, we acknowledge the immense value within the sectors iAM’s divisions operate, which are currently undergoing substantial growth and witnessing robust merger and acquisition activity. This additional investment will enable iAM to further expand its client offering and achieve significant revenue scaling."
The investment was provided by VeUP from its growth fund to support international expansion and product development.
"These are incredibly exciting times for Pasabi, and this investment will allow us to turbocharge our offering, expanding our reach in the fast-growing trust and safety software market at a time when fraud attacks and fake reviews are wreaking havoc online. In the era of Generative AI, people will no longer be able to rely on the authenticity of the content they consume. Only solutions like Pasabi’s, that focus on behaviours over content to detect bad actors, will allow platforms to provide safe environments for their users."
The funding round was backed by Conviction VC, Passion Capital, Senovo, and prominent angel investors.
"Despite organisations investing heavily into content-based security awareness training, most security incidents are still caused by human mistakes. IT and security teams use our platform to surface behavioural data, spot these mistakes and empower employees to resolve them. Our clients are empowered to prevent any recurrence of these mistakes much more effectively than they would with traditional security awareness training."
The Newcastle-based cybersecurity business has raised its second funding round within a year from the North East Venture Fund.
"Cybersecurity is no longer viewed as an optional extra but as an essential service, one that is required for reporting, insurance and governance purposes. Melius’s platform could solve the security headache for many SMEs."
