Award-winning Worcester cyber security firm secures £2.5 million growth capital
Worcester-based cyber security business Titania has secured £2.5 million investment from leading independent infrastructure and private equity investment manager Foresight Group LLP.
The investment will be used to support the senior management team in taking Titania through its next stage of growth, assisted by Foresight’s expertise in the sector.
Founded in 2009 by Ian Whiting, the company has grown substantially due to the success of its first product, Nipper, which automates the assessment of network devices to identify mis-configurations and vulnerabilities with the accuracy of a penetration tester. Winner of multiple cybersecurity industry awards, as well as the Queen’s Award for Enterprise in Innovation, the company has more than 1,000 customers globally, particularly within governments, critical infrastructure and penetration testing for sectors, including the Payment Card Industry (PCI).
The global Security Automation market is forecast to grow by eight per cent per annum to $25 billion by the end of 2024. The demand for accurate audit automation at scale is driven by regulatory requirements for continuous monitoring, with Security and Network Operation Centers testing all devices more frequently. The investment will be used to accelerate the launch of Titania’s integrated Enterprise Solution comprising Security Information and Event Management (SIEM) and Security Orchestration Automation and Response (SOAR) which scales its world-leading automation accuracy to reduce detection and remediation of mis-configurations and vulnerabilities.
Through this new product, Titania has the opportunity to become a global leader in meeting this critical new need, helping organisations worldwide strengthen and secure vital networks at scale. Foresight’s investment will also be used to enhance outbound sales and marketing efforts for Titania’s current suite of on-demand pen-test and compliance assessment automation solutions.
Phil Lewis, CEO of Titania Ltd., said: “Titania’s mission is to increase our customers’ network resilience and security compliance, and Foresight’s backing and investment will accelerate our ambitious plans to automatically detect and remediate mis-configurations and vulnerabilities at scale and reduce customers’ attacks while evidencing compliance. Delivering this at scale is especially important in a world in which organisations need to move from occasional auditing through to continuous monitoring of network security. Foresight will support us in achieving our goals, enabling our customers and partners to use Titania as a cornerstone solution in the global Vulnerability Managed Detection and Response technology stack and market.”
Stephan Gueorguiev, Investment Director at Foresight, added: “We are excited to work together with the management team and back Titania as it increases its offering by launching the Titania Enterprise Solution adding to their market-leading on-demand device audit tools. The ever-increasing cybersecurity threat presents a large and rapidly growing global market opportunity for continuous network device monitoring at enterprise scale which Titania’s products address with unparalleled accuracy and speed.”
Ian Whiting, Founder, commented: “Our partnership with Foresight comes at a very important time in the Company’s development and that of the industry. It provides the platform from which to accelerate our growth and our delivery of enterprise-scale solutions to meet customers’ cybersecurity challenges, helping them stay ahead of constantly developing threats.”
