Cytix, a Manchester-based cybersecurity company that helps enterprises get a handle on the risk created by fast-moving software change, has closed a $7m Series A funding round.
The round was led by Northern Gritstone, a venture capital and investment firm focused on backing science and technology businesses across the North of England, with continued support from existing backers Auriga Cyber Ventures and NPIF II – PXN Equity Finance, managed by PXN Ventures as part of the Northern Powerhouse Investment Fund II (NPIF II).
The new capital will be used to speed up the rollout of Cytix’s recently launched change risk platform.
The system is built to answer three core questions whenever software is altered: whether the change matters from a security standpoint, how much risk it carries, and what action should follow. It works by continuously tracking every update or change a business makes, assessing and confirming the level of risk involved, and producing an audit trail that can be shown to regulators to demonstrate how that risk was managed.
Positioned between a customer’s software development lifecycle and its risk, security and compliance teams, the platform acts as a checkpoint for every change passing through the business, covering everything from identifying what has shifted and the risk it poses, to deciding on a response, confirming that risk, and generating the supporting evidence.
Looking ahead, the Series A funding is intended to help Cytix expand into enterprise and regulated sectors where managing change is a compliance requirement rather than a choice.
Businesses can take up the platform directly through Cytix or via its managed service arrangements with NCC Group and KPMG.
Cytix Co-Founder Ben Armstrong said, “AI-assisted development means change now happens at machine speed. Meanwhile, very few security leaders have control over, or understanding of, those changes from a risk perspective. Right now, existing tools can tell you what vulnerabilities you have, but can’t tell you about the risk. We launched Cytix’ change risk management platform to get control of that risk.”
Northern Gritstone CEO Duncan Johnson said, “The explosion of AI-assisted software development has led to a race to ensure software implementation remains secure. Cytix’s platform aims to help enterprises take a realistic approach, recognising where change carries the most risk whilst allowing businesses to innovate. Northern Gritstone is proud to support another ambitious Manchester-based business in an exciting phase of its growth.”
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