Durham-based software-as-a-service company Hicomply has received £600,000 investment to tackle the growing global issue of business information security.
Hicomply has developed a software platform that gives any business the tools to build information security systems, protect sensitive data and manage all the associated complexity and risk.
The funding, from angel investors and the North East Innovation Fund, supported by the European Regional Development Fund and managed by Northstar Ventures, will help Hicomply to complete development of its product, launch and scale up the business.
The company is led by experienced local entrepreneurs Ed Bartlett, Nick Graham and Marius Van Aswegen who previously founded, built and sold Kykloud to Accruent, the US-based property asset management software company.
Ed Bartlett, CEO said:
“According to IBM, the average cost of a data breach in 2020 was £2.9 million. Yet most businesses are left with inefficient, costly and paper-heavy manual processes to manage this risk. Our information security software enables businesses to secure their data more efficiently, win more business while reducing the risk of costly data breaches and ICO fines. This investment from Northstar Ventures will help fast track the launch of our information security solution into the global market.”
Stephen Price, Investment Director with Northstar Ventures said:
“We are pleased to be able to support Hicomply and invest in this highly innovative product. The landscape for information security management is changing, with risks ever increasing, and Hicomply has huge potential in this rapidly expanding market. We are confident that with this investment and the proven skills and experience of the management team, the company will be able to expand rapidly and make a real impact globally.”