Foresight invests GBP2.5million of growth capital in Titania
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 misconfigurations 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 over 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 8 per cent pa to USD25 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 Centres 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 misconfigurations 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.
Phil Lewis, CEO of Titania Ltd, says: “Titania’s mission is to increase our customers’ network resilience and security 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, adds: “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.”
Richard Hall, CloudOrigin CEO, commented: “We were delighted to bring our depth of cyber security tools and enterprise implementation knowledge in this rapidly evolving sector, to assess the potential for Titania to grow their footprint and launch new technology into competitive markets such as the USA public and private sectors”
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