Cytix Secures £1.6 Million to Enhance Cybersecurity Solutions
In a significant move to bolster its operations and client interactions, the burgeoning cybersecurity firm Cytix, based in Manchester, has successfully secured £1.6 million in funding. This investment was co-led by the NPIF II – Praetura Equity Finance, which is under the management of Praetura Ventures and is part of the larger Northern Powerhouse Investment Fund II. The infusion of capital comes at a time when there is an increasing demand for advanced solutions to manage tech defenses effectively, making it an ideal time for Cytix to capitalize on market opportunities.
Cytix takes an innovative approach to cybersecurity by moving beyond traditional annual penetration testing.
Instead, the company focuses on identifying and addressing high-risk vulnerabilities during the software development process. This method allows for the detection of vulnerabilities much earlier than conventional security testing techniques. The firm outlines that many automated testing solutions overlook about 20% of vulnerabilities that are only identifiable through manual testing methods. Consequently, businesses often face delays, sometimes up to a year, before pressing vulnerabilities get discovered in traditional penetration tests. Cytix endeavors to eliminate such delays by conducting real-time analyses of every development change, thereby predicting potential security flaws and enabling immediate testing.
With plans to broaden its client base and enhance its product offerings, Cytix aims to target sectors including banking, financial services, and rapidly growing software enterprises within the coming year. Founded in 2022 by entrepreneurs Ben Armstrong, Thomas Ballin, and Matt Milan, Cytix has quickly emerged as a frontrunner in the cybersecurity domain. This investment round represents a pivotal moment for the company, allowing it to scale its team and refine its services to meet the evolving needs of companies prioritizing rapid and secure development. Ben Armstrong, the co-founder and CEO, emphasizes the necessity of integrating manual testing with automated processes to ensure comprehensive vulnerability detection, positioning Cytix as an essential partner for businesses striving for excellence in security."
They've invested in Cytix
Get to know these Healthtech investors
Click here for a full list of 6,312+ startup investors in the UK