Zonefox, an Edinburgh Napier University spin-out related to Cybersecurity, has raised an additional £460,000 in investment, to take its overall investment to £1million
Here is the coverage from The Scotsman:
Security software firm ZoneFox has secured £450,000 in funding from business angels and the Scottish Investment Bank (SIB), taking the total raised by the spin-out company to more than £1 million.
ZoneFox was launched in 2010 by Edinburgh Napier University graduate Jamie Graves, who said the cash injection would be used to ramp up the company’s sales and marketing activities.
Based at the CodeBase technology incubator in Edinburgh, the firm currently employs seven people and Graves told Scotland on Sunday that he plans to expand its headcount after securing the funds from the Archangel and Tri Cap business angel syndicates and the SIB.
The company’s software monitors and records activity on its clients’ systems in order to detect possible security breaches in real time. Attention on such attacks, which can threaten the intellectual property held by companies, as well as their customers’ personal data, has intensified following a massive data breach at US retail giant Target.
A cyber attack in December resulted in the theft of 40 million payment card numbers, and earlier this month the retailer said chief executive Gregg Steinhafel had been ousted in the wake of the scandal, which hurt profits and triggered congressional hearings.
Graves said: “We’re looking to target the legal market in London, given the amount of intellectual property held by sectors such as the oil and gas industry. In the longer term, the US represents a huge market potential, and we’re in talks with potential partners in the Far East.”
Archangel, Tri Cap and the SIB took part in a £500,000 funding round last year, which also brought in cash from existing seed investors.
Andy Laing, investment executive at Archangel, said: ”This has been a welcome opportunity for Archangel to support ZoneFox’s continued growth and to demonstrate our confidence in the company’s data security proposition and in its management team.”