The Rise and Rise of Zonefox - Edinburgh Napier University Spin-out Focusing on World-leading Security

01/03/2017

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The Cyber Academy and School of Computing at Edinburgh Napier University now has three highly successful spin-out companies. Their first was Zonefox, and which are now a company that count Craneware, Zenith Bank and Rockstar Games as their clients. With Zonefox's patented technology, they are now is recognised as having world-leading Cyber Security product.

Its roots were developed within a PhD and then through initial funding from a Scottish Enterprise Proof of Concept grant. After years of development, the company have now finalised a £3.6 million Series A funding round.

The funding is led by the Scottish business angel investment syndicate, Archangels, and TriCap and builds on previous seed funding of £2.5 million.

Other details from press release:

Based in Edinburgh, ZoneFox focuses on providing world class security systems that effectively combat the growing issue of insider threats to businesses across the financial, pharma, gaming and other business sectors. Its customers include healthcare firm Craneware, Zenith Bank and gaming giant Rockstar Games.  It recently launched a new machine based learning solution, called ZoneFox Augmented Intelligence (AI). The product, which is the most advanced of its kind to be developed in the UK, has been created over the course of six years and is targeted at a wide range of business sectors.

This funding, which is the largest round ever to be led by Archangels, will be used to grow the business over the next year and beyond. As well as continued product development and innovation, ZoneFox will triple its headcount to 30 staff by the end of 2017, move into a new HQ in Edinburgh and also open a London office, where an extension of its sales and tech team will be based.

The announcement of this Series A round comes on the back of a strong 12 months for ZoneFox, which is headed up by Dr Jamie Graves, a PhD graduate from Edinburgh Napier University. ZoneFox grew by 400% in revenue terms and appointed former BT and O2 Board Director, Steve Davies, as Chairman. It also won two Scottish Cyber-Security Awards, at the inaugural ceremony, for International Contribution to Cyber-Security and the overall Champion of Champions trophy.

Commenting on the funding round, ZoneFox CEO Graves said: “ZoneFox has been working exceptionally hard over the last six years to develop a product that will provide the modern enterprise with a truly 21st Century cyber-security solution. Insider threats are a serious problem for global enterprise. 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.

“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.”

 
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Associated people

William Buchanan
Director of CDCS
w.buchanan@napier.ac.uk
+44 131 455 2759
Cyber-Security
Electronic information now plays a vital role in almost every aspect of our daily lives. So the need for a secure and trustworthy online infrastructure is more important than ever. without it, not only the growth of the internet but our personal interactions and the economy itself could be at risk.

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