London-based cyber security firm has raised £18 million in funding to support its global expansion. In a funding round led by Octopus Ventures, the capital will be used to move into markets such as Asia, after already establishing a foothold in Europe and the US.
Digital Shadows uses data analytics and human analysis to monitor and identify threats to companies from the dark web, social media and crime forums, and helps companies to protect themselves.
Eileen Burbidge, partner at early investor Passion Capital and Digital Shadows’ investor director told Reuters that the company was ready to take the next step after successfully expanding across Europe and the US. “Taking the proposition to Asia is the next logical step,” she said.
Equally excited with the company’s future, CEO and co-founder of Digital Shadows Alastair Paterson described the funding as a ‘huge milestone’ for the security firm’s future. Intended to use the investment to bolster its main product SearchLight, Digital Shadows will also use it to develop further software for foreign market. Analytics programme SearchLight has received much praise for it ability to scan and monitor information in 30 different languages.
The Government’s Minister for Digital, Matt Hancock, said the latest round of funding for Digital Shadows suggests the momentum of British tech “is strong” and cements the UK as “the place to start and grow a tech business”.In total, the UK attracted £6.8bn in tech investment in 2016 from venture capital and private equity firms, more than any other European country.