Manchester-based cybersecurity start-up has become the latest North West business to raise Northern Powerhouse Investment Fund II (NPIF II) funding, as it sets out to create up to 20 new cybersecurity jobs over the next 12 months.
Founded in Manchester in 2020, CloudGuard specialises in automation and AI-led cyber attack detection, protection and response services to help businesses proactively remove threats in real time.
CloudGuard raised the money from NPIF II – Praetura Equity Finance, which is managed by Praetura Ventures as part of the Northern Powerhouse Investment Fund, and will now use the multi-million pound backing to expand its Manchester-based hub. This includes increasing its workforce from 30 to 50 and strengthening AI research with Manchester universities.
The investment will also be used to grow the CloudGuard Cyber Academy, which will provide training and industry experience to talent of all ages and levels, including those seeking their first role in the industry or others who are looking to change careers.
Led by CEO Matt Lovell and CTO Javid Khan, the business provides SMEs and large enterprises from a wide range of sectors, including manufacturing, professional services and utilities, with highly responsive and adaptive cybersecurity services – enhancing both security and cost efficiency.
The news follows comments by the head of GCHQ’s National Cyber Security Centre, Dr Richard Horne, who warned that nationally significant incidents have risen by 50% compared to the same time last year, and urged for greater collaboration to strengthen cyber resilience.
Matt Lovell, co-founder and CEO at CloudGuard said:
“Unfortunately for many businesses, the complexity and volume of cyber events is increasing every day. More effective use of Automation and AI is fundamental to enabling better detection, protection, response and resolution outcomes, but equally as threats continually evolve so to must our capabilities. Response time is critical to mitigating the impact of cyber events in any business, as well as improving business resilience. CloudGuard are striving to provide more cost-effective, more responsive resolution-based services for all businesses with leading security solutions from Microsoft and other partners. Manchester is our home. It’s such an amazing City, rapidly becoming one of the UK’s leading cyber hubs. We are thrilled with the Northern Powerhouse investment and plans to accelerate our business and talent.”
