OnSecurity, a Bristol-based cybersecurity startup developing software to test vulnerable computer systems, has raised £5.5m.
Founded in 2018, OnSecurity’s platform delivers computer system, network and web application penetration tests.
These tests involve simulating a cyberattack and looking for vulnerabilities in computer systems to identify weak points that need addressing. OnSecurity said the pentest market is on the rise, with global annual spend estimated at £4bn.
The platform also automates the manual processes of booking scheduling and reporting security tests.
The company said the new funding would support customer acquisition and further research and development projects.
“Securing our first external investment marks an important moment for OnSecurity as we look to further advance our platform’s capabilities and bring our streamlined solutions to more clients,” said CEO Conor O’Neill.
The funding came from growth equity investor Gresham House Ventures.
“OnSecurity has built a robust and differentiated platform offering in a market that has historically been plagued with manual processes and poor customer experience,” said Gresham House Ventures partner Steve Carle.
“We believe the business is well placed to expand its client base further over the coming years and support businesses and organisations worldwide in the face of new cybersecurity challenges.”
The round marks the first institutional investment round for OnSecurity.