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London cybersecurity firm Panaseer announces US expansion

New York
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Cybersecurity software firm Panaseer is expanding to the US.

Founded in 2014, the London-based company will be opening an office in New York, where it will employ six people.

CEO Nik Whitfield commented on the news: “Our decision to expand to the US was a direct response to demand from our growing New York Fortune 500 client base – as well as being a strategic business decision to increase our market presence and identify the next wave of clients that will benefit from our platform.

“We have ambitious growth targets for 2017, so it makes sense for us to be located in a global financial epicentre so that we can fully support our existing and new clients,” he added.

Whitfield told Tech City News that the firm was working with a small number of high profile FTSE100 and Fortune500 clients in both London and New York and that he expected to add single digits of customers in the US next year.

“We’ll finish the year with more than 30 headcount, primarily in engineering, data science and client success,” he added.

The CEO also confirmed Panaseer was looking to raise more investment. “We are in the planning stages of a raise, with more details to follow,” said the entrepreneur.

The move comes after the company raised $2.25m through a syndicated Seed investment round in late 2015.

Investors in the company at the time included Albion Ventures, Notion Capital, Winton Technology Ventures, C5 Holdings and Elixirr.

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