Melius Cyber secures £500k from Mercia and the North East Venture Fund to launch an upgraded platform version.
The Newcastle-based cybersecurity company raised the capital to fund product development and expand its team.
Newcastle-based Melius Cyber provides a platform designed to help small and medium-sized enterprises detect cyber risks and manage IT network security.
Melius Cyber has secured £500k in seed follow-on investment from the North East Venture Fund, managed by Mercia, alongside backing from Mercia Ventures. The funding will allow the cyber security firm to launch an updated iteration of its CyberSafe platform featuring advanced threat detection and reporting capabilities. In addition to product development, the fresh capital is earmarked for expanding the team with six new hires and working toward the establishment of a full security operation centre.
Established in 2019, the company provides automated vulnerability scanning and penetration testing tools tailored for small and medium-sized enterprises. Its client roster currently includes firms such as Virgin Wines, Crafters Companion and Jules B. This latest transaction brings the total capital raised by the business to £1.4m.
Investor perspective
"Mercia has an in-depth knowledge of the cybersecurity market. Having supported Melius from an early stage, it’s been rewarding to see its progress with each funding round. CyberSafe solves a security headache for SMEs and this latest investment will enable Richard and the team to establish it as a leader in its field."
Ian Wilson
Fund Principal, Mercia
Use of funds
- 01Grow the team
- 02Continue product development
Investors
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About the company
Melius Cyber
Melius Cyber offers an automated platform for small and medium-sized businesses to detect cyber risks.