A Newcastle cybersecurity business whose technology helps SMEs detect vulnerabilities in their IT systems has raised a further £500,000 to boost its growth plans.
Melius Cyber has raised the money from the North East Venture Fund, which is supported by the European Regional Development Fund and managed by Mercia. The funding follows an earlier £350,000 investment from the Venture Fund last June, which helped the company develop its platform and build in scalability.
Melius Cyber is a spin-off from IT business Melius Group, which has attracted a number of key clients including financial services and public sector bodies. It has strengthened its management team with a number of key appointments including that of Matt Little, an experienced technology leader, who has joined as chair. Now it is planning to use the latest investment to further enhance its platform and roll it out to a wider client base.
