Glasswall, the leading cybersecurity technology group, announces that it has successfully raised £18 million in additional equity capital to finance its continued expansion. The funding round was led by IPGL, Lord Spencer’s private investment group, and a number of other high net worth investors including Lord Rose, Chairman of Ocado, Lance Uggla, Chairman and CEO of IHS Markit and Andy Bell, founder and CEO of AJ Bell.
The funds raised will be invested in advancing Glasswall’s next stage of growth with a focus on product development, engineering, sales and marketing.
Glasswall protects organisations from file-based threats and is a recognised leader in the field of content, disarm and reconstruction (CDR). Glasswall’s award-winning and patented technology regenerates files to a safe standard of ‘known good’, delivering proactive protection in milliseconds. With malware morphing faster than ever before, traditional antivirus and sandboxing technologies often find themselves a step behind bad actors, which has led to a rise in the adoption of CDR technology.
Glasswall’s CDR technology is used in the government, intelligence and defence space and is increasingly gaining traction across a large number of sectors, including financial and professional services, pharma and healthcare.
Glasswall’s sales are expected to surpass £4.5 million this year following two successive years achieving over 50% growth.
IPGL, which first backed the business in 2018, is investing a further £9.5 million in the business and will emerge as a 44% shareholder.
Danny Lopez, Glasswall’s CEO, said: “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. 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.”
Lord Spencer added: “As someone who has run a number of technology-critical businesses in my career I was immediately struck by Glasswall’s security offering when I first invested in 2018. Since then the business has proven the efficacy of its CDR technology and is now ready to open itself up to a much broader market, in which I feel confident it will do extremely well, so I was very happy to be the cornerstone investor in this fresh funding round.”