The start-up aims to revolutionise pentesting into a stream of microtasks rather than one-off consultancy to better support developers

Cyber security start-up, Cytix has secured £230,000 in pre-seed funding ahead of releasing the latest version of its SaaS product, which embeds security testing into the fabric of an organisation’s IT estate.

The Manchester-based start-up allows businesses to integrate security testing into workflows, while still providing the priority tests needed to achieve certification compliance. The cloud vulnerability management platform allows businesses to protect themselves from risks and government fines and make sure their systems are secure through a cluster of dedicated pentesters, which help identify and resolve vulnerabilities.

The business, which has joined the fifth cohort of Exchange, the tech scale-up support scheme at Department Bonded Warehouse, is currently forecasting an ARR of £400k in its first year. It plans to on-board additional customers during its current beta phase, to further learn what features and functionality would be most beneficial to users. The new developments will be built, added, and automated to further enhance the PTaaS product.

The pre-seed funding from SFC Capital, and portfolio manager Ed Stevenson, will be used to develop the platform, and expand the team, bringing on-board an ethical hacker and B2B marketing professional into the fold, in addition to the founding trio of Ben Armstrong, Thomas Ballin and Matt Milan.

Ben Armstrong, co-founder at Cytix, said: 

“Almost every aspect of technology has moved on in recent years, yet security testing hasn’t. We want to change penetration testing from a once-per-year consultancy exercise into a SaaS platform which provides continuous support and reassurance to development teams.

“Our founding team has deep experience of cyber security, and this funding allows us to establish a foothold in the market, and transform it for the better. We have created a proprietary MVP and plan to develop it with further solutions and support for developers in the coming months.”

Cytix gives development teams the support needed to write better code via its easy to use dashboard. IT managers can also see risk profiles with a single click rather than thumbing through 100+ page reports. The software automatically evaluates IT estates, and vulnerabilities are then automatically shared with the dedicated tech team to remedy them.

Cytix currently has over 17 organisations using the platform, growing 30% month on month, including DebtStream, a Cheshire-based forward thinking fintech company, as it gathers momentum.

Alice Pickersgill, Head of Exchange, commented: 

“Cytix is an exciting prospect in the cyber security space, and we’re looking forward to supporting the founding team as it grows in the coming months. Exchange’s community of likeminded founders means that the team can develop and troubleshoot as a collective, and share the trials and tribulations of getting an innovative tech business off the ground with people in a similar position. I along with the partners and mentors here at Department Bonded Warehouse, are excited to watch Ben and the team scale this year.”

Exchange supports early-stage tech businesses by providing them with a base at Department Bonded Warehouse, Enterprise City at St. John’s, as well as access to its growing list of industry partners, mentors, and advisors.

Cytix used the SeedLegals platform to create and complete the necessary legal agreements required to close its funding round.

To find out more information about Cytix and the Exchange scale-up support scheme at Department Bonded Warehouse, visit: https://www.enterprisecityuk.com/exchange

ENDS

Notes to editors

For additional details, please contact:

Rick Hollister and Holly Gregory at PR Agency One T: 0161 871 9140 E: [email protected]

About Exchange

Exchange is a pioneering scheme that provides ambitious tech start-up and scale-up companies access to the tools and infrastructure they need to learn and succeed.

Exchange empowers ambitious entrepreneurs to grow smarter through its flexible workspace and syllabus of workshops, up-skill sessions and high-profile speaker events.

Set in the heart of Manchester and Leeds, and developed by Allied London, an award-winning property development and investment company, Exchange intends to create a collaborative community of like-minded, forward-thinking entrepreneurs and global organisations.

About Enterprise City

Enterprise City is a new district of Manchester that combines exceptional workspaces, inspiring cultural spaces, and bespoke city-centre living to create a place for enterprise, for the future, for making history, and for businesses to grow and root their headquarters.

The cluster is a unique place that connects people and businesses, encourages collaboration, and creates success through expert place-making – to inspire, to start and to win.

Designed to be the home and headquarters of global media, tech and creative businesses, Enterprise City has a diverse range of spaces and infrastructure to accommodate a range of growing start-ups, independents, SMEs and leading global brands.

Enterprise City is spearheaded by Allied London, an award-winning property development and investment company. The cluster of modern industry comprises of: The Factory, The ABC Buildings, Transmission, Cube Space, Grape Street Deck, Old Granada Studios, VERSA Manchester Studios, Manchester Goods Yard, Campfield Yard, Globe & Simpson, Shipyard and Bonded Warehouse.

For more information about Enterprise City and to find out how businesses can join its roster of global organisations, visit www.enterprisecityuk.com.

About Allied London

Allied London is an award-winning UK company focused on creating inspiring places that dynamically change the ways in which we work and live in Britain. With energy and dedication, Allied London devise, design and deliver landmark mixed-use real estate developments, buildings and concepts in London, Manchester and Leeds. Past and current projects include Spinningfields, London Road Fire Station, Leeds Dock, and more. With three offices in three key U.K. cities, Allied London has a strong, dynamic team with diverse and creative experience in the business of property, finance, design, marketing and the arts.