Newcastle-based Melius Cyber has secured £500,000 in funding, advancing its cybersecurity solutions.
- The investment will facilitate the launch of an updated CyberSafe platform with enhanced features.
- Melius Cyber aims to expand its workforce by creating six new jobs.
- The funding is part of the North East Venture Fund backed by European initiatives.
- Melius Cyber is strengthening its market position and technological capabilities.
Melius Cyber, a specialist in managing cyber risks, has successfully raised £500,000 from the North East Venture Fund. This fund, supported by the European Regional Development Fund and managed by Mercia, is instrumental in advancing the company’s cybersecurity innovations.
The newly secured investment will enable Melius Cyber to roll out an improved version of its hallmark CyberSafe platform. Designed specifically for small and medium-sized enterprises (SMEs), CyberSafe offers around-the-clock monitoring of IT networks, websites, and mobile applications. The revamped platform will boast cutting-edge features, including enhanced reporting, built-in anti-ransomware capabilities, advanced email security, automated alerts, and the functionality to scan over 250,000 vulnerabilities daily.
This financial boost not only supports technological enhancements but also allows Melius to expand its workforce significantly, creating six new jobs. Since its inception in 2019, the company, supported by Mercia Ventures, has consistently evolved its offerings, bringing systems to market and enlarging its client base, which now includes over 60 companies.
Richard Brown, CEO of Melius, underscores the importance of swift breach detection, stating, “It is bad enough if a cyberattacker breaches your system but the damage can be far greater if you are not aware of it. CyberSafe reduces the average time it takes to detect a breach from 277 days to just one, enabling companies to take swift action.”
The recent funding round increases Melius’s total capital to £1.35m, reflecting continuous support from Mercia Ventures and NEVF since 2022. The funds are directed not only towards product development but also towards the integration of AI capabilities and the establishment of a full security operation centre (SOC) and a security information and event management (SIEM) solution.
Ian Wilson, Fund Principal at Mercia, acknowledged the progress made by Melius, noting, “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.”
Melius Cyber’s strategic investment marks a significant step in enhancing cybersecurity measures for SMEs, bolstering employment, and solidifying its market presence.