Garrison Technology Limited announced that they have raised £12 million in Series A funding round led by Touchstone Innovations, which participated with a contribution of £3.85 million. BGF Ventures, NM Capital, as well as the firm’s existing angel investors also took part in the round.
The cyber security firm, based in London, has the aim of serving the growing enterprise market with its anti-malware product, and till date has managed to raise £16 million. The funds will allow it to accelerate product development and commercialisation, continuing to grow its high-calibre team in advance of formally launching its product to market.
Garrison’s claim to fame is addressing the large and growing enterprise cyber security market, estimated at a worth of $23 billion and growing at 10% CAGR. The company has pioneered in an anti-malware product that efficiently sidesteps the highest impact cyber threats to modern organisations, i.e. internet-borne targeted attacks. Due to Garrison’s unique technology, a previously inconceivable brand of ultra-secure internet connectivity, user experience, and enterprise scalability can be achieved.
Founded by an experienced team of cyber security professionals from Detica Group plc, the company is a security-focused technology group that was acquired by BAE Systems plc in 2008. CEO Dave Garfield previously started and ran Detica’s Cyber Security division. He grew the business at a rapid rate and then left to start Garrison Technology in 2014. Co-founder and CTO, Henry Harrison, was a senior technology strategy Director at BAE Detica.
According to Garrison, the new funds will enable a speeding up in product development and expansion of its team before launching. Jon Edington, director technology ventures at Touchstone Innovations, commented:
Almost daily we read how major enterprises and governments are suffering from targeted and high-impact cyber-crime. Garrison’s solution directly addresses this problem with an innovative and differentiated technology that has been shown to effectively remove whole classes of cyber threat.
This investment brings Touchstone Innovations – which invests in tech companies based around the ‘Golden Triangle’ broadly formed by London, Cambridge and Oxford – the status of holding a 22.5% stake in the company.