The funding from Puma Private Equity will be deployed to scale commercial operations in the UK and US.
"Piracy remains a significant issue for the entertainment industry, but MUSO’s data enables companies to use it to discover vast, valuable as up to now, unseen audiences"
The seed round was led by Decibel with participation from industry angels to advance user-centric security technology.
"Employees want flexibility and they need the right tools to be productive, but those tools aren't always company-approved. So, they're signing up for those tools on their own. Security teams want to assert some control over this because SaaS apps introduce risk to their company, so they often try to simply lock down SaaS. However, in the long run this just encourages employees to work around the security team. You can't secure SaaS that's owned by employees without working with employees. We've built a lightweight, scalable way to let employees use SaaS responsibly, guiding them to actually fix security issues, while offloading work from security teams. We'll prove along the way that employees don't need to just be seen as part of the problem, but can actually become part of the solution."
Mercia provided the pre-seed backing through the North East Venture Fund to support software development and team expansion.
"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."
Maven provided £2m in seed investment to support software development and team expansion at Ideiio.
"Ideiio is an excellent example of a business which can benefit from equity investment through the Northern Powerhouse Investment Fund. It has developed an innovative software solution which is tapping into robust demand from businesses across a variety of sectors and geographies. We believe this investment will enable the business to achieve further scale, including in the large US market. The management team have an impressive range of technical expertise and experience within the identity security space and have a clear strategy for taking the business forward."
The funding round was co-led by Bayes Entrepreneurship Fund, Juno Capital and The FSE Group.
"We’re very excited to announcethis new funding as we embark on a significant new stage of our growth plans. Toreceive backing from such reputable and experienced investors is a huge testamentto our vision, technology and team. We strongly believe our automated business-centric approach to controlling data access and sharing is the only way thatenterprises can truly control access to their data. With this funding, we are trulysolving the ‘who has access to what’ problem, on a global scale."