Cytix raises €6m Series A led by Northern Gritstone
The cybersecurity startup says the round will fund work on the risks created by fast-moving software change. Northern Gritstone led it.
Cytix has announced a Series A round of €6 million, which it puts at $7 million.
The round was led by Northern Gritstone, a UK venture capital and investment firm that backs science and technology companies in the North of England.
The company says the money will go towards its work on the problems created by rapid software change.
That is the pitch in short: software now changes faster than the schedules used to check whether it is safe.
Northern Gritstone's involvement is the part regional founders will read twice. It invests specifically in the North of England, and a Series A of this size is a data point on what that money is now buying.
The names of the other investors in the round have not been disclosed. Nor have Cytix's customer numbers, headcount, revenue or the terms of the deal.
For founders selling security tools, the useful detail is who wrote the cheque and on what premise. A generalist fund would want a growth curve. A regional science and technology investor is buying the underlying technical claim.
Cytix has not published a timeline for what the round pays for beyond the stated aim.