Tech spinout Cyan Forensics raises almost £1m in latest funding round

Award-winning company now backed by international investors


Date posted

9 November 2018

15:20

A University spinout that has developed digital forensic technology to help catch criminals faster has raised almost £1million in a fresh round of funding.

Cyan Forensics has closed a £900,000 investment round led by Merica Fund Managers, bringing its total funding to nearly £1.5million since it was founded in 2016.

The company was the third cyber security-related spinout from the award-winning research team within the Cyber Academy at Edinburgh Napier.  ZoneFox, which grew out of university PhD research and specialises in cloud-based insider threat detection, was recently taken over by California-based cyber security giant Fortinet.

Ian Stevenson, CEO Cyan Forensics (right) with Paul Devlin, Investment Manager, Mercia Fund Managers, in front of company logo.

Edinburgh-based Cyan Forensics’ technology finds time-critical digital evidence in minutes instead of days, helping police in highly sensitive investigations such as child sexual exploitation and counter-terrorism. The company is currently working with customers across law enforcement agencies which are seeing success using the technology operationally.

The company recently won an award from the UK government for its pioneering work, which recognised Cyan Forensics’ collaboration in delivering practical solutions to safeguard the nation.

This latest funding round saw American private investor Don Macleod, a director of Broadcom and former CEO of National Semiconductor, join existing investors Mercia Fund Managers and The Scottish Investment Bank, which both provided funding following their initial investments.

Cyan Forensics, which operates in a market that is expected to grow at 15.9 per cent CAGR, to $9.68billion by 2022, has achieved significant progress with its range of digital forensics products and now has a team of 10 highly skilled professionals, including former law enforcement and military professionals.

Ian Stevenson, CEO of Cyan Forensics, said: “This latest round of investment will enable us to take full advantage of the market opportunities here in the UK and start developing our business internationally, as well as exploring other opportunities for our technology in cyber security.

“The whole team is excited about the success we’re seeing in our first operational deployments and the opportunities in front of us to contribute to public safety.”

Paul Devlin, Investment Manager at Mercia, said: “We’re delighted to continue to support Cyan Forensics. This is the latest seed investment, having first backed the team as a spinout from Edinburgh Napier University, they are making excellent progress as they begin to scale up.

“We believe the business has the potential to make a real difference to the speed at which agencies are able to investigate highly sensitive crime using its innovative forensic technology.”


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