ZoneFox closes £3.6 million Series A funding round

ZoneFox closes £3.6 million Series A funding round
01.03.2017 11:15 am

ZoneFox closes £3.6 million Series A funding round


Leading cyber-security software specialist ZoneFox, has today closed a £3.6 million Series A funding round. The round is led by Scottish business angel investment syndicate, Archangels, with co-investment from The Scottish Investment Bank, and TriCap and follows the £2.5 million in seed funding the company has taken since 2010.

Based in Edinburgh, ZoneFox focuses on providing world-class security systems that effectively combat the growing issue of insider threats to businesses across the financial, pharma, gaming and other business sectors. Its customers include healthcare firm Craneware, Zenith Bank and Rockstar Games.  It recently launched a new machine based learning solution, called ZoneFox Augmented Intelligence (AI). The product, which is the most advanced of its kind to be developed in the UK, has been created over the course of six years and is targeted at a wide range of business sectors.

This funding, which is the largest round ever to be led by Archangels, will be used to grow the business over the next year and beyond. As well as continued product development and innovation, ZoneFox will triple its headcount to 30 staff by the end of 2017, move into a new HQ in Edinburgh and also open a London office, where an extension of its sales and tech team will be based.

The announcement of this Series A round comes on the back of a strong 12 months for ZoneFox, which is headed up by Dr. Jamie Graves, a PhD graduate from Edinburgh Napier University. ZoneFox grew by 400% in revenue terms and appointed former BT and O2 Board Director, Steve Davies, as Chairman. It also won two Scottish Cyber-Security Awards, at the inaugural ceremony, for International Contribution to Cyber-Security and the overall Champion of Champions trophy.

Commenting on the funding round, ZoneFox CEO Graves said: “ZoneFox has been working exceptionally hard over the last six years to develop a product that will provide the modern enterprise with a truly 21st Century cyber-security solution. Insider threats are a serious problem for the global enterprise. Such is the sophistication of these attacks and the methods used by cyber-criminals, the human mind alone can no longer be expected to monitor and combat such threats alone.

“We have established a strong reputation and generated a lot of interest from some global organisations, which have in turn become clients. Having the funding and support of Archangels, The Scottish Investment Bank and TriCap will allow us to continue to grow and develop ground-breaking solutions that will protect businesses.”

Niki McKenzie, Investment Director at Archangels added: “Archangels’ investors were keen to lead this round of follow on funding in an area that is currently underserved. Customers using ZoneFox report that the product is helping them to shape more robust, tailored and effective IT policies, alerting them to security threats from within their own walls.” 

Related News

Trezeo launches new products to expand its safety net for independent workers

Trezeo today announced a major extension to its existing offering, that enables independent workers to access a wider range of urgently needed product ‘bundles’. Trezeo’s... Read more »

Erste Bank Hungary Improves and Secures the Remote Banking Experience with OneSpan Mobile Security

OneSpan™ (NASDAQ: OSPN), the global leader in securing remote banking transactions, today announced that Erste Bank Hungary, a subsidiary of Erste Group Bank AG, one of the... Read more »

Semafone bolsters security with new PCI DSS certification for Cardprotect Relay+

Semafone®, the leading provider of data security and compliance solutions for call and contact centres, has achieved global... Read more »

Emirates NBD COVID-19 Coronavirus Precautionary Measures

Given the developing situation around the Coronavirus – COVID-19 outbreak, the safety and wellbeing of our customers, our employees and the community, remains our top priority... Read more »

Fraudsters Taking Advantage of Coronavirus With New Scam Emails, Warns Tax Partner at Haines Watts

EMAILS are starting to surface, targeting individuals with an email that looks like it is from, says Martin Gurney, a tax partner at Haines Watts.


He... Read more »

EMVCo Supports Security Evaluation for IoT Products

Global technical body EMVCo has confirmed its security evaluation methodologies and processes support IoT payment use cases, enabling emerging solutions and devices to be... Read more »

Free Newsletter Sign-up
+44 (0) 208 819 32 53 +44 (0) 173 261 71 47
Download Our Mobile App
Financial It Youtube channel