Scottish cybersecurity firm ZoneFox has raised £3.6 million in a Series A round led by Archangels, with participation from The Scottish Investment Bank and TriCap.
The Edinburgh-based company builds security software, namely its Augmented Intelligence product, focused on insider threats in businesses in sectors like finance, health, and gaming.
“Insider threats are a serious problem for global enterprise,” said ZoneFox CEO Jamie Graves (pictured left). “Such is the sophistication of these attacks and the methods used by cyber-criminals, the human mind alone can no longer be expected to monitor and combat such threats alone.”
ZoneFox plans to use the new funds to expand its staff to 30, move into a new head office in Edinburgh, and open an office in London for its sales and tech team. According to the company, its revenue grew 400% in 2016.
“We have established a strong reputation and generated a lot of interest from some global organisations, which have in turn become clients,” added Graves. “Having the funding and support of Archangels, The Scottish Investment Bank and TriCap will allow us to continue to grow and develop ground-breaking solutions that will protect businesses.”
“Archangels’ investors were keen to lead this round of follow on funding in an area that is currently underserved,” said Niki McKenzie (pictured right), investment director at Archangels.
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