HiComply secures £600,000 for launch of new tech security service

A Durham technology company has secured a £ 600,000 investment to roll out its new information security system.

HiComply has developed a software platform with which companies can create security systems with which sensitive data can be protected.

The company is led by Ed Bartlett, Nick Graham and Marius Van Aswegen, who previously founded, built, and sold Kykloud to Accruent, the US-based real estate asset management software company.

The Software-as-a-Service business has received a £ 600,000 investment to accelerate the development and adoption of its technology.

HiComply received funding from angel investors and the North East Innovation Fund, backed by the European Regional Development Fund managed by Northstar Ventures.

Mr. Bartlett, CEO of HiComply, said: “According to IBM, the average cost of a data breach in 2020 was £ 2.9 million. However, most companies have inefficient, costly, and paper-intensive manual processes to manage this risk. Our information security software enables companies to secure their data more efficiently, generate more business while reducing the risk of costly data breaches and ICO fines.

“This investment from Northstar Ventures will help accelerate the rollout of our information security solution to the global marketplace.”

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Stephen Price, Investment Director at Northstar Ventures, said, “We are excited to support HiComply and to invest in this highly innovative product. The landscape for information security management is changing and the risks are constantly increasing. HiComply has great potential in this fast growing market.

“We are confident that with this investment and the proven skills and experience of the management team, the company can expand rapidly and make a real impact worldwide.”

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