Edinburgh-based cybersecurity startup, Cyan Forensics, has secured £1.3 million in funding from a consortium of investors.
The funding boost, which takes the total amount raised by the company so far to £2.8 million, comes from a consortium including SIS Ventures, Mercia, the Scottish Investment Bank and other private investors.
The Napier University spin-out said this investment will be used to fuel its ongoing expansion and target new markets in Northern Europe.
Ian Stevenson, CEO of Cyan Forensics, commented: “We’re excited to have raised the funds which will now allow Cyan Forensics to deliver the next stage in our significant growth plan. We’re grateful to our existing investors for their continued confidence and support, and delighted to welcome the new investors joining us on this journey.
“A key focus will be expanding our reach within the UK as a result of our partnership with the Home Office and into international markets.”
Cyan Forensics was founded in 2016 by Bruce Ramsay, a former police forensic analyst – who now serves as the company’s CTO – and CEO Ian Stevenson.
Its digital analysis tool can find terrorist handbooks or child sexual abuse material on devices within a few minutes. The technology greatly minimises forensic analysts’ time and helps police make decisions quickly and with confidence.
2019 has marked a highly successful year for the firm. Earlier this year, it secured a lucrative contract with the Home Office that will see its technology used by the Child Abuse Image Database (CAID) and rolled out to police services across the country.
In August, the startup also signed a partnership with the National Centre for Missing and Exploited Children (NCMEC) in the US, and last month it took home first prize in the prestigious PitchGovTech competition at the GovTech Summit in Paris.
Kerry Sharp, director of the Scottish Investment Bank, said: “Cyan Forensics is another fantastic example of how groundbreaking research, originating in Scotland’s leading academic institutions, is being used to tackle global issues.
“This latest round of investment will enable the company to further develop its cutting-edge technology and grow its business at it helps law enforcement adapt to the digital age.”
Mercia has back the company from its inception and has worked closely with the team to attract other investors. Marcus Henderson, investment director at Mercia, said: “Cyan Forensics’ technology addresses some of the major challenges facing police and society – such as how to detect terrorist activity and child sexual abuse and prevent the spread of harmful content in the age of social media and the internet.
“The company has already achieved some major milestones and this investment will help it scale up its operations.”