Syphan Secures Additional £0.5 million Investment Funding
20th April 2009, Skipton UK – Syphan Technologies, a technology leader in high performance network security technology, has secured a further £0.5million funding from its two original investors enabling the company to expand its market-introduction plans for its world-class security products.
The new funding, including £250,000 from each of Partnership Investment Finance (PIF) and the Yorkshire and Humber Equity Fund (YHEF), brings the funds’ total investment in the company to £1 million. The investment, led by Yorkshire Fund Managers (YFM) Group, with support from Yorkshire Forward, is testament to the global interest in Syphan’s high performance security inspection technology and the increasing market demand for better ways of protecting critical data held on corporate and government networks.
IT Security is a major concern for all types of businesses and public sector organisations that are increasingly being targeted by new and more sophisticated cyber-attacks. Developed by international criminal organisations, these attacks are designed to steal commercially valuable data such as credit card information or to disrupt normal company operations, a particularly problem for online businesses including Internet-based retailers, banks and large enterprises. Syphan’s security engineers have developed a new approach and technology to defend networks from these and future attacks as they emerge that is a major advance on the inspection technologies available from the current market leaders.
Syphan is at an advanced stage of discussions with a number of leading European and US managed service providers, who are working with Syphan to create new security services around the technology’s unique capabilities. Growth of this specialist security services market is predicted to reach over £2 billion by 2012 in the US alone, driven by the pressure on companies to cut costs in the downturn, regulatory compliance requirements and the emergence of new security service delivery platforms such as Syphan’s.
Pravin Mirchandani, Syphan CEO commented: "We are delighted that our investors have had the confidence to extend their support for the company, particularly in the current economic climate. Their decision has been significantly helped by feedback from the market, both from our early business opportunities and market data, which is showing security budgets remaining steady or even increasing well into 2010 and beyond. We are in a perfect position to benefit from this trend and offer something genuinely new to help companies avoid the extensive costs associated with a catastrophic security incident."
Commenting for Yorkshire Fund Managers, Chris Fitzsimmons said: "We have been impressed by the rapid advances the company has made since the initial investment funds were raised. Syphan has a world-class product, developed in Yorkshire, and is ideally positioned to meet the clear demand for new technologies to combat the constantly changing security threat environment. It is great news both for the company and the region that we were able to secure the funding needed for the next stage of development."
Following three years of development work, Syphan is now embarked on an extensive global expansion programme which will see the company extend its operations into North America, mainland Europe, and the Asia Pacific region during the next 18 months.