Edinburgh based cyber security firm ZoneFox closes £3.6 million series A funding round led by Scottish business angel investment group, Archangels. According to ZoneFox, the investment will help the business triple its headcount, open a new headquarters, and set up a team in London.
ZoneFox’s products focus on combatting 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 Rockstar Games. It recently launched a new machine based learning solution, called ZoneFox Augmented Intelligence (AI), one of the most advanced of its kind to be developed in the UK.
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 per cent in revenue terms, and appointed former BT and O2 board director, Steve Davies, as chairman.
“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,” ZoneFox CEO Graves said.
“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.”
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.