Market opportunities: Paul Devlin and Ian Stevenson
Cyan Forensics which develops technology to help in the pursuit of criminals, has closed a £900,000 investment round led by Mercia Fund Managers, bringing its total funding to nearly £1.5 million since it was founded in 2016.
The latest funding round for the Edinburgh-based firm saw American private investor Don Macleod, a director of Broadcom and former CEO of National Semiconductor, join existing investors. These include the Scottish Investment Bank which, like Mercia, also added to its initial investment.
Cyan Forensics, a spin-out from Edinburgh Napier University, operates in a market that is expected to grow to almost $10 billion by 2022. It now has a team of 10, including former law enforcement and military professionals.
Ian Stevenson, CEO, said: “This latest round of investment will enable us to take full advantage of the market opportunities here in the UK and start developing our business internationally, as well as exploring other opportunities for our technology in cyber security.
“The whole team is excited about the success we’re seeing in our first operational deployments and the opportunities in front of us to contribute to public safety.”
Paul Devlin, investment manager at Mercia, said: “We believe the business has the potential to make a real difference to the speed at which agencies are able to investigate highly sensitive crime using its innovative forensic technology.
“The customer base of government and law enforcement agencies is highly impressive and places the company in a great position for future growth.”