A cloud and cyber security provider has secured a £1 million investment to help accelerate its growth.
Birmingham-based METCLOUD has been awarded the funding through the Midlands Engine Investment Fund (MEIF) West Midlands Equity Fund.
The company – which was launched in 2017 – is a cloud and cyber security provider which helps organisations to implement and adopt ‘next generation’ technologies such as artificial intelligence, machine learning and data analytics.
Now METCLOUD is looking to accelerate its growth by increasing its sales and marketing capacity, it also plans to make a number of key appointments to support CEO Ian Vickers and his management team.
Ian said: “METCLOUD has the potential to become a major international brand and this initial investment 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.”
METCLOUD has won more than 50 nationally and internationally-recognised awards for its innovation and excellence.
That success has led to it already securing a “significant” Innovate UK grant to undertake a two-year project in partnership with Birmingham City University.
And 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.
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Midven, which manages MEIF’s West Midlands Equity Fund, says it identified METCLOUD as a “strong investment candidate with significant growth potential.”
Midven director Surjit Kooner 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 set up 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, of the Greater Birmingham and Solihull LEP (GBSLEP), added: “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 cyber security 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.”