INTERVIEW: What makes the UK’s multi-billion pound cybersecurity sector tick?

As part of Bdaily’s latest feature, Cybersecurity Week, we sat down with Ian Vickers, CEO of cybersecurity cloud platform METCLOUD, as well as Surjit Kooner, director of venture capital firm Midven. We discussed all things cybersecurity and the role that venture capital plays in the growth and evolution of the sector. Read on to find out more…

METCLOUD is a multi-award-winning cybersecurity cloud platform, harnessing sophisticated cyber defence, surveillance, Artificial Intelligence (AI) and Machine Learning (ML) technologies.

The brand was launched by Ian Vickers in 2017 with the goal of shaping the future of the new digital economy and new value creation, and addressing the issues related to both cybercrime and cloud adoption.

For more than 25 years, Birmingham based venture capital firm Midven has been supporting Midlands SMEs, investing more than £60m into the region and raising £200m co-investment into its portfolio.

1. Within the wider realm of cybersecurity, what does METCLOUD specialise in?

Ian took the lead with this subject. The METCLOUD CEO explained:

“Cybersecurity is a very wide and complex subject. It can be divided into seven main pillars: 1) Network Security 2) Cloud Security 3) Endpoint Security 4) Mobile Security 5) IoT Security 6) Application Security 7) Zero Trust. As a result, there are literally hundreds of cybersecurity vendors providing technologies to address each of the areas above.

“METCLOUD has developed a cloud platform that covers all these areas so that clients do not have to navigate this ‘minefield’ of choice and complexity. In addition, we have developed our own UK cloud offering to meet the growing demand for Private and Hybrid Cloud.”

2. How can cloud computing benefit businesses if implemented correctly?

Ian continued:

“The Top 6 Benefits of Cloud Computing are as follows: 1) Accessibility anywhere, with any device. 2) A more flexible cost model based on consumption 3) Centralised data security. 4) Higher performance and availability 5) Business continuity. 6) Access to AI and Data Analytics.”

3. Can you talk a bit about the role venture capital (VC) investment plays within the cybersecurity industry?

Surjit took the lead here. Midven’s director commented:

“The UK cybersecurity industry contributed £5.3bn to the UK economy in 2021 rising from £4bn the year before. There are over 1,800 active cyber companies, with over a £1bn of external investment secured in the year across 84 deals.

“Venture capital has played an important role in helping these companies develop. Recent UK examples include Immersive Labs which raised over £150m and Tessain’s £46m fundraise.”

4. Reflecting on METCLOUD’s investment of £1m by the MEIF West Midlands Equity Fund, how has the business evolved in the past few years?

Ian reflected:

“The £1m investment has helped significantly. Our business has transformed completely across so many areas.

“Firstly, we have developed an AI/ML capability in partnership with Birmingham City University. The project was to develop a sophisticated cybersecurity surveillance capability harnessing AI so that we can identify, and triage malicious activity far more quickly compared to that of human performance.

“We have been able to open additional data centres and launch exciting new services such as our Apollo range of cloud backup and Disaster recovery services.

“Finally, without the investment it is unlikely that we would have signed a strategic partnership with Hewlett Packard Enterprise. On November 1 2022 METCLOUD became a HPE GreenLake Partner Ready Service Provider. This is a major coup as there are only three in the UK.”

Surjit added:

“The Company has strengthened the senior leadership team, increased operational capacity, and increased marketing activity.The company has secured a number of high-profile customers on multi-year contracts.The Company has also established a relationship with Hewlett Packard, utilising HPE Greenlake to run its private cloud platform.”

5. What can you tell our readers about METCLOUD’s plans for future expansion?

Ian revealed:

“We are currently in the process of a series A fund raise in order to capitalise further on the HPE GreenLake partnership. This will enable METCLOUD to expand significantly in the UK. Future funding rounds will support international expansion.”

6. How is Midven supporting the growth and development of cybersecurity businesses like METCLOUD?

Ian remarked:

“Midven is a well-established venture capital firm supporting hundreds of clients over 30 plus years. Their support has been extremely valuable as we progress from a start-up stage and now entering a scale-up stage.

“Developing and growing a cybersecurity business is challenging on many fronts but Midven can make a real difference with its broad range of operational and strategic skills and expertise combined with a hands-on approach.”

Surjit concluded:

“Midven has always had a more than money approach, working with management teams to accelerate growth. This can include strategic guidance, support with recruitment and marketing, introductions to further funders at the appropriate time and strengthening the management team.”

By Matthew Neville – Senior Correspondent, Bdaily

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