Melius Cyber expands with £500,000 support

A cybersecurity firm has revealed plans to create jobs and bolster anti-hacker technology after capturing £500,000 support.

Newcastle-based Melius Cyber has been backed by the North East Venture Fund.

It says the cash will help recruit six staff and refresh its CyberSafe platform, which helps SMEs continuously monitor IT networks, websites and mobile apps.

Officials say the rebooted system – set to be launched in the coming months – will include “built-in anti-ransomware, advanced email security and have the ability to check more than 250,000 vulnerabilities every day”.

They add the funding will help the business – which serves more than 60 clients including Crafters Companion and Jules B – roll out a blueprint to create a security operation centre and security information and event management apparatus.

Richard Brown, Melius chief executive, said: “It is bad enough if a cyber attacker breaches your system, but the damage can be far greater if you are not aware of it. 

“CyberSafe reduces the average time it takes to detect a breach from 277 days to just one.

“This support will enable us to accelerate product development and incorporate new AI capabilities.”

The cash follows two previous funding rounds from Mercia and the North East Venture Fund, which helped Melius bring its system to market and expand its customer base.

Ian Wilson, fund principal at asset manager Mercia, which manages the North East Venture Fund, added: “Having supported Melius from an early stage, it’s been rewarding to see its progress with each funding round.

“CyberSafe solves a security headache for SMEs and this latest investment will enable Richard and the team to establish it as a leader in its field.” 

The North East Venture Fund is supported by the European Regional Development Fund.

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