Fast-growing cyber security software firm attracts new clients in UK and US
Cyber security software company Panaseer has successfully raised $2.25 million 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 Prime Minister David Cameron to Washington DC earlier this year as part of a cyber-security delegation. Panaseer has since signed its first New York based Financial Services client.
According to Gartner, corporates spent $71 billion 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 latterly 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 uses the latest data science techniques to help major corporations answer the question, “How Secure are We?" 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.
As well as growing a New York client base, Panaseer is currently working with several major UK Financial Services customers.
Andy Williams, UK government’s Cyber Envoy to the US says: “As one of the new generation of UK cyber start-ups that accompanied the Prime Minister to the US earlier this year, it is great news that Panaseer has now secured its initial US client business and external investment. Panaseer’s application of advanced data science techniques to help secure the enterprise is an excellent example of British cyber innovation with global market potential.”
Ed Lascelles, Albion Ventures says: “Cyber security is already a huge issue for many firms worldwide and the risks we all face are increasing. We are delighted to be working with Nik and his team at Panaseer, who have a tremendous amount of experience and respect in the industry, as they build on their early success in the emerging Security Intelligence sector.”
Stephen Chandler, Notion Capital says: “Data security and system availability are now board level issues for most large corporates, but the threat is now so varied and complex that it requires a fresh approach. Panaseer has the most comprehensive one we have seen, using modern data science techniques and risk-based analysis to prioritise effort and spend across the CIO’s full IT estate. They have a smart and capable team, both technically and commercially, so should be able to take market share in this exciting growth area."
Daniel Freeman, C5 Accelerate says: “Cyber security has become a central question for boards and CEOs, and Panaseer is perfectly placed to deliver security insights to key decision makers while ensuring that IT managers optimise security spending around solutions that deliver proven value. C5 is excited to support technology innovators that can leverage cloud computing to drive new advances in cyber security, and we are proud to be backing Nik and the team at Panaseer as they continue to develop their world-class platform.”
Stephen Newton, Founder & Managing Partner, Elixirr: “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.”
Commenting, Nik Whitfield, CEO, Panaseer says: “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. 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. We look forward to working closely with our partners and making use of their considerable experience.”