Melius Cyber ‘moves to next level’ with £500,000 support

A cybersecurity firm says it will “build its brand and market position” following £500,000 support.

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

Bosses at the Newcastle company, whose CyberSafe software helps SMEs detect IT vulnerabilities, say the cash will further bolster its platform and customer base.

Richard Brown, Melius chief executive [pictured, above], said: “We had a great 2022, in terms of moving the product forward, building our team and putting the foundations in place for growth.

“Our focus now is to grow our customer base and to continue to improve the product.

“This investment gives us the working capital we need to build our brand and market position.”

The financial backing follows a previous £350,000 investment from the North East Venture Fund, which helped Melius scale its platform and welcome experienced technology sector operators such as Matt Little, who was appointed chair last year.

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

And Ian Wilson, Mercia fund principal, said the £500,000 injection will “enable Melius to move to the next level”, revealing the investment is backed by a wider suite of support measures that include discounted web hosting and mentoring.

He added: “Cybersecurity is no longer viewed as an optional extra but as an essential service, one that is required for reporting, insurance and governance purposes.

“Melius’ platform could solve the security headache for many SMEs.

“Its progress over the past nine months demonstrates the benefits that early-stage companies can achieve by offering them a wider support package – not only in providing funding but also helping them put the right people and structures in place.”

To find out more about Melius’ CyberSafe platform, visit www.meliuscyber.com