£1m funding deal for cyber security firm

A cyber security firm has secured £1 million in new funding to boost its sales and marketing activities. CyberQ Group provides online security products and services to businesses from its HQ

in Birmingham and offices in the Philippines and US. It said it would use this fresh round of funding to increase sales and marketing activities and fund additional resources and technology

required to meet new customer requirements. Chief executive Christopher Woods said: "With the rapid adoption of new technology and AI in particular, cyber security is increasingly

vital for all businesses to avoid data breaches and reputational harm. SIGN UP FOR YOUR FREE WEST MIDLANDS NEWSLETTER AND FOLLOW US ON LINKEDIN EMAIL NEWSLETTERS BusinessLive is your home

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away. LINKEDIN For all the latest stories, views and polls, follow our BusinessLive West Midlands LinkedIn page here. "This investment strengthens our roots in the region and allows us

to scale up to defend many more global clients against escalating cyber threats. We look forward to working with Midven as we accelerate our growth plans." The funding was secured from

part of the Midlands Engine Investment Fund (MEIF), managed by Midven. Midven's senior investment director Surjit Kooner said: "Cybercrime today is a global problem and the threats

that this ultimately brings must be addressed globally. "CyberQ has a breadth of experience and services that has the potential to significantly enhance the cyber-security of

businesses and deliver cyber innovation to organisations across a variety of industries. We are looking forward to being a part of their journey." Mark Wilcockson, senior investment

manager with MEIF owner the British Business Bank, added: "With a strong commitment to cyber protection, CyberQ will help businesses in safeguarding against cybercrimes and threats.

"The funding will support the company's growth in the UK and further its global operations and offer its services to businesses that are looking for cyber protection while

contributing to the local economy and creating a positive impact." The second phase of the MEIF was launched last month, bringing together £400 million of government-backed funding to

support growing small and medium businesses across the Midlands region.