UK-based cybersecurity company Glasswall this week announced that it has raised £18 million ($24 million) in equity capital, which it will use to fund its expansion.

The funding round was led by IPGL, with participation from Lord Rose, chairman of Ocado, Lance Uggla, chairman and CEO of IHS Markit, and Andy Bell, founder and CEO of AJ Bell.

The company, which has an office in the United States in Virginia, says it will use the money for product development, engineering, marketing and sales.

Glasswall has developed a product designed to protect organizations against file-based threats using content disarm and reconstruction (CDR) technology, which removes potentially malicious code from files.

Glasswall expects sales to top £4.5 million ($6 million) this year. The company says its product has been used by government, defense and intelligence agencies, as well as enterprises in the healthcare, financial, and pharmaceutical sectors.

“We are extremely pleased with the success of this fundraise, the continued and much valued support shown by Michael Spencer and IPGL, and the enthusiasm of our most recent investors. These funds will enable us to focus on an ambitious and exciting next chapter of growth for the company,” said Danny Lopez, CEO of Glasswall.

“Cyber threats continue to surge, particularly as we all increasingly rely on cloud-based technologies. At Glasswall, we are passionate in our resolve to protect organisations from file-based threats. We believe Glasswall’s technology makes the online world safer and we are really excited at the opportunity we now have to take our technology to a much wider audience,” Lopez added.

Cybersecurity

Source: UK Cybersecurity Firm Glasswall Raises £18 Million