Manchester-based cybersecurity start-up Cytix has successfully raised £1.6 million in funding, a significant development aimed at expanding its client base and scaling operations. This strategic move comes in response to the surging demand for advanced solutions in managing technological defences.
The funding round was co-led by NPIF II – Praetura Equity Finance, managed by Praetura Ventures and part of the Northern Powerhouse Investment Fund II. Cytix offers a distinct alternative to traditional annual penetration testing by enabling companies to identify high-risk vulnerabilities during the code development phase, thereby catching issues much earlier than conventional methods.
Automated testing solutions often miss approximately 20% of vulnerabilities that can only be discovered through manual testing methods. Traditional penetration tests may leave businesses exposed to these vulnerabilities for up to a year. Cytix addresses this gap by analysing every development change in real-time, predicting potential security flaws, and orchestrating immediate testing instead of relying on ad-hoc reviews.
Cytix’s clientele spans multiple sectors, including stablecoin fintech BNVK, medical clinical trials experts Protas, bot prevention company Netacea, and Cambridge University Press & Assessment. With the new funding, Cytix plans to double its client base within the next 12 months and enhance its product offerings for the enterprise market, specifically targeting the banking sector, financial services, and rapidly growing software businesses.
Founded in 2022 by Ben Armstrong, Thomas Ballin, and Matt Milan, Cytix is among the latest companies to benefit from the British Business Bank’s £660 million NPIF II fund. This funding round also saw participation from French VC Auriga and Cytix’s existing funder, SFC Capital. Earlier this year, Cytix secured £230,000 in pre-seed funding to support the release of its SaaS product, which integrates security testing across an organisation’s IT infrastructure.
Ben Armstrong, co-founder and CEO of Cytix, stated, “Our latest funding round enables us to expand our existing A-star team to tackle the problem and achieve our goal of bringing security testing up to speed with modern development. More and more companies are prioritising fast and safe development and Cytix is the perfect security testing partner to help them achieve that.” Michael Rees, investment manager at Praetura Ventures, commented, “With funding from NPIF II, and more than money from Praetura, Cytix has the resources it needs to continue its exciting growth trajectory and scaling journey from its base here in Manchester.” Simon Cunnington, Director at British Business Bank, added, “Manchester is fast-becoming a leader in cybersecurity solutions, and Cytix is a great example of a Northern-based business that is leading the charge against online threats. This investment from the Northern Powerhouse Investment Fund II will make a measurable difference in supporting Cytix’s growth, and helping to protect more businesses from cyber threats.”
This significant financial boost from NPIF II not only positions Cytix for substantial growth but also underscores Manchester’s burgeoning status as a hub for cybersecurity innovation. The funding will catalyse Cytix’s efforts to provide enhanced security solutions, thereby contributing to the broader goal of safeguarding digital landscapes across various sectors.