06 Dec Belfast cybersecurity player Uleska secures £500,000 in funding and sales
Security software player Uleska has secured £500,000 in investment and sales orders. The company will use the funding to grow product development and double its headcount.
Belfast-based Uleska raised £325,000 in investment from a combination of institutional and private investors, including Techstart NI and Clarendon Fund Managers as well as Denis Murphy (co-founder of software business Anaeko), who will join the board of the company. “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,” said Murphy. 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 per year by 2022, according to industry experts Gartner. “A fundamental flaw in most security software is the need for manual processes,” said founder and CEO Gary Robinson, who has also been nominated to join the board of the Open Web Application Security Project, a trusted worldwide software institute. “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 prioritising the risk of those issues within hours,” Robinson explained.
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 that there will be further recruitment growth in 2019.
“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,” Robinson added.