Melius Cyber, a cybersecurity firm that has built automated software to assist SMEs in detecting flaws in their IT systems, has raised £350,000 from the North East Venture Fund (NEVF), which is administered by Mercia and backed by the European Regional Development Fund.
About Melius Cyber
Dave McPherson, a former IT specialist at the Bank of England, founded Melius Cyber in 2019. The business is a spin-off from Melius Group, a Newcastle-based IT solutions firm he formed 7 years ago. Melius Cyber’s software continuously analyzes an organization’s IT network, assessing security and safeguarding it from the newest vulnerabilities.
Richard Brown, CEO of Melius, said: “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. CyberSafe overcomes this problem by providing a 24/7, year-round service for the price of a one-off penetration test. The funding will enable us to roll out the system and help safeguard many more businesses.”
CyberSafe automates the vulnerabilities detection and penetration testing processes, in which cyber specialists replicate attacks to uncover system flaws. The platform was designed primarily for small and medium organizations and correlates with Cyber Essentials, a government-backed accreditation scheme that demonstrates that businesses take cybersecurity properly.
Ian Wilson, Fund Principal at Mercia, said: “CyberSafe fills a gap in the market for a product that provides security testing at a price that SMEs can afford. It not only helps them prevent attacks but also complies with recognized standards and provides reassurance for customers and suppliers. The investment will help Richard and the team to target the growing cybersecurity market.”
The funding will allow Melius Cyber to grow its customer base and enhance the platform substantially, including customizing it to meet the demands of financial services and other FCA-regulated industries.