Distributed Denial of Service (DDoS) IT protection firm Corero has received £3 million in new funding from Clydesdale and Yorkshire Bank’s growth finance team.
Corero, founded in 2010, works with service and cloud providers as well as digital enterprises to work towards eliminating the threat of cyber attacks. The money raised will be used to add new software features and analytics capabilities to its flagship SmartWall product.
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The business has made investments in its flagship product SmartWall which detects and mitigates potentially devastating DDoS attacks in seconds allowing its customers to continue to operate during an attack.
The firm conditionally raised around £4 million through a share subscription and placing of shares in April 2018 and recently announced new orders for its cybersecurity tech from a cloud-based web developer.
In 2015, Corero opened its Edinburgh office, which now employs 20 members of staff and plans to ‘significantly accelerate its revenue and profit over the next two to three years.’ It plans to grow its team in the Scottish capital, as well as add to its UK team.
Andrew Miller, chief financial officer at Corero Network Security said, ‘DDoS is expected to remain a significant cyber threat and we are well-positioned to be a disrupter in our market.’
The need for robust cybersecurity at fast growing firms is a top priority as more businesses rely on their online operations to deliver services. GDPR, which takes effect from 25 May, will force firms to have more stringent cyber security rules in pllce to protect customers.
Stephen Fahy, senior director at Clydesdale and Yorkshire bank said, ‘We are committed to supporting SMEs to grow and to develop, and we look forward to working with Corero on the next stage of their journey.’
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