Melius Cyber, a Newcastle-based company whose platform helps businesses detect cyber risks within hours, has raised a further £500,000 in funding, bringing its total raised to £1.35 million.
Investors
The investment was provided by the North East Venture Fund (NEVF), which is supported by the European Regional Development Fund (ERDF) and managed by Mercia.
The North East Fund is a suite of five venture capital and loan funds established in April 2018 to invest £130m in around 600 North East businesses by December 2023. It offers finance and business development advice to SMEs in areas like Newcastle, Sunderland, and County Durham. Each fund is managed by independent, FCA-regulated fund managers.
Melius Cyber Use of Funds
The funding will be used to launch a new version of its CyberSafe platform, expand its team by creating six new jobs, and work towards developing a full Security Operations Centre (SOC).
About Melius Cyber
Founded in 2019, Melius Cyber is cybersecurity company that provides a platform that helps businesses detect and address cyber risks. Its flagship product, CyberSafe, automates vulnerability scanning and penetration testing, continuously monitoring an organization's IT networks, websites, and mobile applications to identify vulnerabilities and security threats. The company serves over 60 clients, including Virgin Wines, Crafters Companion, and Jules B.
Funding Details
Company: Melius Cyber
Raised: £500K
Round: Undisclosed
Funding Date: October 2024
Lead Investor: North East Venture Fund
Additional Investors:
Company Website: https://meliuscyber.com/
Software Category: Cyber Risk Detection
Source: Pauline Rawsterne, PR Agent - Turquoise PR