Cyber security software company Panaseer have successfully raised $2.25 million through a syndicated seed investment round, allowing founder Nik Whitfield to take his start-up to the next level.
Founded in 2014 by Whitfield and a team of cyber security experts from BAE Systems, Panaseer is one of a new wave of UK cyber security start-ups working with commercial enterprises to prevent security breaches from hackers.
Cyber hackers are increasingly using more sophisticated software, previously exclusive to the world of national espionage. Organised gangs are now able to steal cash and customer details from major companies; the UK has suffered a spate of cyber attacks in recent months – including the infamous Ashley Madison hack and, more recently, TalkTalk – waking companies up to the need for better protection of their customers.
To combat this threat, Panaseer uses the latest data science techniques to help major corporations increase their security. The company has built a platform which analyses the data provided by all the different cyber security solutions and provides a visual interface to drill down into and understand this information, and so inform board-level decisions on the allocation of security budgets or weaknesses in cybersecurity policies.
Stephen Newton, founder & managing partner of Elixirr, one of Panaseer’s new investors, commented:
“We are delighted to be a part of this seed investment round. We love to invest in game-changing companies and the insight Panaseer can provide to enterprises is unrivalled. We know from our clients that cyber security is a big topic around the boardroom table at the moment and we are looking forward to seeing Panaseer join these conversations.”
CEO Nik Whitfield is “delighted to have successfully completed this round of investment” and is “looking forward to working closely with our partners and making use of their considerable experience.”
Miranda Wadham on 12/11/15