Belfast-based software security company Uleska announced today that it has secured £500,000 in investment and sales, which will enable it to significantly grow product development and double its headcount.
The company has raised £325,000 in investment from a combination of institutional and private investors, including Techstart NI, Clarendon Fund Managers and Dennis Murphy, co-founder of software business Anaeko. Sales of £175,000 have been secured across UK and Ireland, as well as through Uleska’s new partnership with industry giant PwC.
Uleska was founded in February 2016 to address a gap in the automation of software security for internet and cloud systems. It is competing in the application security market, which is expected to grow to $9bn USD per year by 2022 according to industry experts Gartner.
Traditionally, companies building or running software struggle to perform adequate security testing, leaving holes in their systems that hackers can break into. This is partially due to the 3.5 million unfilled jobs in cyber security around the world resulting in a skill shortage.
Uleska’s products address this by automating the running of these security checks, matching them against the systems being tested, and immediately converting technical security issues into the monetary value that a breach would cost a company.
Gary Robinson, founder and CEO of Uleska, said: “A fundamental flaw in most security software is the need for manual processes. The industry average to security test code is around six months and a further two months to translate the technical issues into business risks. Uleska’s software reduces the need for skilled personnel to organise and run testing, facilitating effective automation of security testing and prioritizing the risk of those issues within hours.”
Denis Murphy, who has also joined the board of Uleska, said: “There continues to be a plethora of breaches and hacks at top organisations and companies such as Uleska are developing the technology to address this issue. Uleska solves this big problem in a very proactive and innovative way. It is great to see them receive funding and accelerate their time to market in order to commercially exploit this great opportunity.”
John Murray from Techstart NI added: “Uleska brings together a great team with deep domain expertise, cutting-edge technology and an exciting market opportunity in cyber security and we look forward to working closely with Gary and his team.”
Uleska is currently recruiting developers to help build on its initial success. The investment will enable the company to increase its headcount to 12 people, with expectations there will be further recruitment growth in 2019.
Gary added: “The financial support will help us to increase market penetration, continue development of the core products and recruit some talented people to join us on this exciting journey.”
Uleska also noted that members of OWASP, the trusted worldwide software security institute, have voted for Gary to act as a board member starting in 2019. This is a prestigious position in the cyber security community, which has previously been held by top cyber industry experts, including the CISO of Twitter.
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