Menu visibility control

Video

Events

Startup Surgery

Most Recent

Government & Policy

Here’s how UK tech reacted to the Supreme Court’s Brexit ruling

Investments

Wiltshire-based HealthTech firm Atlas Genetics closes $35m Series D

Investments

Leeds-based online sports network Pitchero lands £3.1m Series A

Press Releases

Starling Bank first of digital challengers to join Faster Payments as direct partner
No more electronic ‘loose change’: innovative fintech charity payment scheme launched today across 6,000 UK schools
Chimni calls for the UK proptech community to work more closely with the housebuilding industry

Panaseer raises $2.25m seed investment

shutterstock_176972411
twitterlinkedinFacebookgoogle_plustwitterlinkedinFacebookgoogle_plus

Cyber security software company Panaseer has successfully raised $2.25m through a syndicated seed investment round.

The investors include Albion Ventures, Notion Capital, Winton Technology Ventures, C5 Holdings, and Elixirr.

Panaseer was founded in 2014 by Nik Whitfield and a team of cyber security experts from BAE Systems.  It is one of a new wave of UK cyber security start-ups working with commercial enterprises and was selected to accompany David Cameron to Washington DC earlier this year as part of a cyber-security delegation.

London cybersecurity firm Panaseer announces US expansion

Panaseer has since signed its first New York-based financial services client.

Corporates spent $71bn on cybersecurity in 2014 and this sum is expected to increase rapidly. In the UK, 80% of large corporates suffered a cyber breach in 2014, with an average cost of £1m per breach.

A key trend to note is that cybercrime has become highly sophisticated: advanced tools that were previously the domain of national espionage have filtered down to the criminal world, with organised gangs behind highly targeted attacks to steal cash and trade secrets from multi-national enterprises.

Panaseer 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.

“Recent high profile hacks have shot cyber security to the top of company’s risk concerns and major enterprises are only too aware of the threats they might face from the various hacking groups who target them,” said Nik Whitfield, CEO, Panaseer.

“The increased awareness of cyber-attacks presents a new problem for those tasked with protecting their organisations and boards are now regularly asking “how secure are we?”

“New big data technologies such as the Panaseer Security Data Lake allow us to analyse this cyber-relevant data to produce previously unobtainable insight. We are delighted to have successfully completed this round of investment.”

As well as growing a New York client base, Panaseer is currently working with several UK financial services customers.

Enter your e-mail address to receive updates straight to your inbox

* indicates required
Send me news on...
twitterlinkedinFacebookgoogle_plustwitterlinkedinFacebookgoogle_plus

Editor's picks

Supreme Court

Here’s how UK tech reacted to the Supreme Court’s Brexit ruling
posted 7 hours ago

HealthTech

Wiltshire-based HealthTech firm Atlas Genetics closes $35m Series D
posted 8 hours ago

pitchero

Leeds-based online sports network Pitchero lands £3.1m Series A
posted on January 23, 2017

PM Theresa May

UK tech community reacts to Theresa May’s Industrial Strategy proposals
posted on January 23, 2017

Theresa May

PM Theresa May to reveal Industrial Strategy Challenge Fund to support UK tech
posted on January 23, 2017

Tech for good

Here’s how tech for good startups can maximise their chances of getting funded
posted on January 23, 2017