Cybersecurity startup ZoneFox has managed to raise £3.6 million in a Series A round led by Scottish business angel investment syndicate Archangels. According to the firm, the new funding will give it a sufficient enough push to triple headcount, establish a new HQ and get a team up and running in London.
Based in Edinburgh, ZoneFox was founded in 2010 by CEO Dr. Jamie Graves. It provides businesses across the financial, pharma, gaming and other business sectors. Touting security systems that fight insider threats via rapid insights enabling security teams to see where business-critical data is going, who is accessing it and who is doing things with it (whatever their intent might be), it does not impact endpoints or user privacy.
Recently, the company launched a new machine based learning solution, called ZoneFox Augmented Intelligence (AI), targeting a wide range of business sectors. Customers currently include healthcare firm Craneware, Zenith Bank and gaming giant Rockstar Games.
Also participating in the Series A round were The Scottish Investment Bank and TRI Cap, an investment group based in the Scottish Borders that holds a particular interest in businesses located in the Borders, Lothians, and North of England. This round comes after the £2.5 million in Seed funding the company has raked in since 2010.
Dr Jamie Graves, CEO at ZoneFox, commented:
We have established a strong reputation and generated a lot of interest from some global organisations, which have in turn become clients. 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.
Niki McKenzie, Investment Director at Archangels added:
Archangels’ investors were keen to lead this round of follow on funding in an area that is currently underserved. Customers using ZoneFox report that the product is helping them to shape more robust, tailored and effective IT policies, alerting them to security threats from within their own walls.
Currently, the firm employs 10 members of staff.
