Equity boost for cyber security firm
ADEVELOPER of cyber security training programmes and software to businesses has completed its third funding round taking its total investment in excess of £1m.
Hut Six Security, based in Newport, has completed its latest fundraise, led by the Development Bank of Wales, with an equity investment of £200,000 which has been matched by a further £200,000 from the Waterloo Foundation and Welsh billionaire Sir Terry Matthew’s VC fund Wesley Clover.
The firm said it will use the investment to support product development, increase marketing and expand internationally.
It is also working towards National Cyber Security Centre (NCSC) accreditation for their training.
Investment executive Andy Morris said: “We are here to help early stage technology companies that have the potential to rapidly expand and generate new employment hence our followon equity investment in Hut Six. We are excited to continue the journey with our co-investors as Simon and the team further develop their solution, helping global companies with the important task of improving employee security awareness and building secure cultures.”
Founded in 2016 and an alumni of Newport’s The Alacrity Foundation which mentors and trains graduate entrepreneurs to create the next generation of hi-tech firms, Hut Six designs and develops security awareness training programs and phishing simulation platforms to educate people to identify, avoid and report cyber threats.
It recently launched a series of six bite-sized lessons covering essential information on phishing, passwords, using the web safely, devices and malware, social media, and scamming.
Chief executive Simon Fraser said: “Our cyber shorts have been developed to help educate people against the cyber threats they face in the workplace and at home.
“These are a resource intended for anyone and everyone looking to upskill their cyber awareness. Crafted to bring any level of user easy to implement tips for improving information security, each tutorial can be completed in 3 minutes or less – training which everyone has time for.
“It’s one example of how our growing team is building a product portfolio that provides continuous value, is automated where possible and provides a tailored experience at scale. The continued support of our earlystage investors is a reflection of their commitment to following their money and an endorsement of the progress that we are making.”