UK tech sector generates over £10bn in revenue in “record breaking” year

Britain’s tech sector generated a total of £10.1bn in revenue in the most recent financial year.

The DCMS Annual Cyber Sector Report revealed the sector attracted record levels of external investment, with more than £1bn secured across 84 deals by companies including Bristol-based Immersive Labs, which raised £53.5m, and London-headquartered Tessian which secured more than £52m in funding.

Employment across the industry rose by 13 per cent, with more than 6,000 new jobs created, opening up new opportunities for people up and down the UK to join the sector and share its wealth. This brings the total number of people working in cyber in the UK to 52,700.

Nadine Dorries, Digital Secretary said: “Cyber security firms are major contributors to the UK’s incredible tech success story.

“We are investing in skills training and business initiatives to help the UK go from strength to strength as a global cyber power and open up the sector to people from all walks of life.”

Vicky Brock, CEO and co-founder of Vistalworks said: “Vistalworks was originally founded in response to a Scottish government innovation challenge to find innovative technology solutions to online illicit trade.

“The Cyber Runway Scale programme has enabled us to reach new public and private sector contacts, including contracts with banks and enforcement, and has helped us develop the skills and awareness we need to take our intelligence solutions to new markets and partners across the rest of the UK and beyond.”

Lorna Armitage, co-founder, CAPSLOCK said: “The support of Plexal and government-funded programmes like Cyber Runway has enabled CAPSLOCK to accelerate our growth from a young startup in 2020 to the ‘most innovative cyber security SME of 2021’, as named by DCMS.”