Cytix, a Manchester, UK-based cybersecurity company, raised £1.6M in Seed funding.
The round was led by NPIF II – Praetura Equity Finance, which is managed by Praetura Ventures and is part of the Northern Powerhouse Investment Fund II.
The company intends to use the funds to double its client base within the next 12 months and further develop its product offering for the enterprise market, with plans to target the banking sector, financial services and software businesses.
Founded in 2022 by Ben Armstrong, Thomas Ballin and Matt Milan, Cytix enables companies to identify high risk vulnerabilities during code development, resulting in vulnerabilities being caught much earlier than traditional security testing options. The company analyses the development changes of businesses in real-time, predicting potential security flaws and orchestrating immediate testing instead of ad-hoc reviews.
Customers span multiple sectors and include the stablecoin fintech BNVK, medical clinical trials experts Protas and the bot prevention company Netacea as well as Cambridge University’s research and publishing arm, Cambridge University Press & Assessment.
FinSMEs