Cyber security firm Garrison Technology completes £12m Series A
London-based company will use funding to accelerate product development and expand its team in advance of formal launch
Garrison Technology, a London-based cyber security business, has announced the completion of a £12m Series A funding round led by Touchstone Innovations, which takes a 22.5% stake in the business for its £3.85m investment.
Other participants in the round, which brings the company’s total funding to £16m, included BGF Ventures, NM Capital and a number of angel investors.
Founded by Henry Harrison and David Garfield in 2014, Garrison Technology develops cyber security technology to serve the growing enterprise market, including an anti-malware product aimed at blocking the highest impact, internet-borne targeted attacks.
The company says it is currently “operating in stealth mode” whilst it works with its early-adopter customer base.
Garfield (CEO of Garrison) and Harrison (CTO) have pedigree in the cyber security industry: the former having started and built the cyber security division of security-focused technology group Detica Group and the latter having acted as senior technology strategy director at the company, which was acquired by BAE systems for £550m in 2008.
The enterprise cyber security market is estimated to be worth $23bn and increasing at 10% Compound Annual Growth Rate (CAGR).
Garrison has said this latest finance will be used accelerate product development and expand its team ahead of an official launch.
Jon Edington, director of technology ventures at Touchstone Innovations, commented: “Almost daily we read how major enterprises and governments are suffering from targeted and high-impact cyber-crime.
“Garrison’s solution directly addresses this problem with an innovative and differentiated technology that has been shown to effectively remove whole classes of cyber threat.”