Metcloud, the innovative cloud and cybersecurity provider, has secured £1,000,000 funding from Midlands Engine Investment Fund (MEIF) West Midlands Equity Fund, managed by Midven, part of the Future Planet Capital Group, for its multi-award-winning platform.
Launched in 2017, Birmingham-based Metcloud has rapidly established itself as one of the most innovative cybersecurity and cloud technology providers in the UK. As well as providing a leading cybersecurity platform, through its partnerships, Metcloud is helping organisations to accelerate the adoption of next generation technologies such as artificial intelligence, machine learning and data analytics.
Through the investment, Metcloud will accelerate its growth by increasing its sales and marketing capacity, as well as multiple technical hires to strengthen depth and capability within the team. In addition, the investment will allow Metcloud to add key senior appointments to the board in order to support CEO, Ian Vickers, and his management team. This investment will form part of Metcloud’s growth funding, with future rounds of funding set to take place.
The company was quickly identified by Midven as a strong investment candidate with significant growth potential, having won over 50 nationally and internationally recognised awards for its innovation and excellence, winning Finance Monthly’s cybersecurity firm of the year.
As a result, Metcloud recently secured a significant Innovate UK grant to undertake a two-year project in partnership with Birmingham City University, to develop AI and ML deep learning algorithms. In May 2020, the company also became a member of the World Economic Forum Global Innovators Community, an invitation-only group of the world’s most promising start-ups which are at the forefront of technological and business model innovation.
Metcloud has been advised by Colin Strevens of Heligan Group.
Ian Vickers, CEO at Metcloud said, “Metcloud has the potential to become a major international brand and this initial investment from Midven and harnessing the Midlands Engine Investment Fund is a prime example of why this fund was set up – to transform small innovative businesses that are looking to scale up which can then make significant contributions to the local and national economy.”
Surjit Kooner, Director at Midven, said, “Metcloud is a great opportunity to invest in a company with a high level of expertise and knowledge in their market. As the adoption of cloud environments grows, we are witnessing an exponential surge in cybercrime. Metcloud is able to offer key services and strategic advice to its customers to help them understand their IT infrastructure and ensure they get the best setup for their needs. Metcloud already has a strong customer base and with further development in progress to enhance their cybersecurity offering, it has created an exciting opportunity for us to invest and accelerate growth. We look forward to working with Ian and the team.”
Ewa Truchanowicz, GBSLEP Board Director SME Champion, said, “Many SMEs and businesses accelerated their digital transformation during the Covid-19 pandemic. To continue this trend, we need innovative products and services that will not only sustain but increase business growth. From cybersecurity solutions to new technologies such as artificial intelligence, this MEIF investment in Metcloud will benefit businesses across our GBSLEP area, contributing to local prosperity and driving inclusive economic growth.”