Mills & Reeve advises cybersecurity company on six figure funding deal

Leading national law firm Mills & Reeve has advised CyberHive in securing a six figure follow on funding deal.

Newbury-based CyberHive, which has co-developed a patent-protected cybersecurity platform with The University of Oxford, received £850,000 from existing investors including Mercia Asset Management, which led the funding, 24Haymarket and several existing shareholders.

The funds will be used to develop and market their cutting-edge threat protection platform. The enhanced platform includes the award-winning product Trusted Cloud and has been expanded to include a groundbreaking new secure connectivity solution, CyberHive Connect. CyberHive’s simple, secure and performant solutions promise to equip businesses with an unrivaled level of protection including protection against quantum threats in an ever-evolving cyber threat landscape.

It is the second funding package CyberHive has secured from Mercia Asset Management and 24Haymarket. In 2021 the firms co-led a £1.8m investment into the company.

Zickie Lim, head of Mills & Reeve’s venture capital investment team who advised CyberHive on the latest investment, said: “Cybersecurity is at the top of the agenda for public and private sector organisations. CyberHive’s technology is a world leader, and this latest funding round will enable the company to rollout itsinnovative technology across the globe to help play a pivotal role in combating cyberattacks.”

Alan Platt, CEO of CyberHive, said: “I am immensely proud of this significant leap forward in our mission. With this investment from Mercia and 24 Haymarket, expertly advised by Mills & Reeve - we are poised to forge an indomitable path in the realm of threat protection.

This investment echoes faith in our vision and dedication, empowering us to reshape cyber security solutions. Together with our partners and clients, we will continue to mould a future where businesses flourish unburdened by fear."

Srikar Karri, investment manager at Mercia said: “This investment round will enable the company to commercialise the new Cyberhive Connect product, securing connectivity with a simple, low latency solution built for a post quantum era.”

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