Cyber Security startup Uleska secures £500k

by Startacus Admin

Belfast-based software cyber security company Uleska this week announced 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.” 

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.

Congrats Gary and the Uleska team, we've been following their journey since they pitched at upSTART 2017, the annual startup pitch event at Digital DNA and bagged the Enterprise Software title at INVENT 2017, so it is great to share word on their latest success.

 

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Published on: 7th December 2018