OnSecurity, a promising cybersecurity startup based in Bristol, has secured a £5.5 million investment to advance its innovative platform designed to test computer system vulnerabilities.
The funding round, which is the first institutional investment for the company, comes from growth equity investor Gresham House Ventures.
Founded in 2018, OnSecurity specializes in penetration testing – a method where simulated cyberattacks are used to find weaknesses in computer systems, networks, and web applications.
These tests are crucial for identifying and fixing security flaws before they can be exploited by malicious hackers.
OnSecurity’s platform stands out in the cybersecurity market by automating many of the tedious manual processes typically involved in scheduling, booking, and reporting these tests.
This not only improves efficiency but also enhances the overall user experience. The company noted that the global demand for penetration testing is on the rise, with annual spending estimated at around £4 billion.
CEO Conor O’Neill highlighted the significance of the new funding, stating, “Securing our first external investment marks an important moment for OnSecurity as we look to further advance our platform’s capabilities and bring our streamlined solutions to more clients.”
The additional funds will be used to attract more customers and support ongoing research and development projects.
Steve Carle, a partner at Gresham House Ventures, expressed confidence in OnSecurity’s potential. “OnSecurity has built a robust and differentiated platform offering in a market that has historically been plagued with manual processes and poor customer experience,” Carle said.
“We believe the business is well placed to expand its client base further over the coming years and support businesses and organizations worldwide in the face of new cybersecurity challenges.”
Founded in February 2018, OnSecurity emerged from a meeting of minds during a large-scale penetration testing project in the Middle East.
The founders, who collectively spent 40 years as professional ethical hackers, brought unique insights into the hacker mindset and the workings of the modern cyber-crime industry.
This extensive experience has become the backbone of OnSecurity’s mission to safeguard its clients against contemporary cyber threats.
In december 2021, OnSecurity introduced its first non-penetration testing product, Scan, which provides comprehensive vulnerability scanning for all customers.
In June 2022, the company released Radar, a cutting-edge threat intelligence tool that allows businesses to view their vulnerabilities from a hacker’s perspective, offering crucial insights for better defense strategies.
In September 2022, Pentest-as-a-Service (PtaaS) was launched. With their deep expertise, OnSecurity launched Pentest-as-a-Service (PtaaS), revolutionizing the industry with a flexible and agile approach to penetration testing.
