Touchstone Innovations plc (AIM: IVO, ‘the Group’, ‘Innovations’) has led a £12.0m funding round in Garrison Technology Limited (‘Garrison’ or the ‘Company’) a cyber security company based in London. Innovations has committed £3.85m to the round alongside BGF Ventures, NM Capital and existing angel investors.
Innovations first invested in Garrison in 2015 and following this new investment, now holds a 22.5% stake in the Company. Garrison has progressed rapidly, attracting new investors pricing this round at a significant uplift in valuation. This is likely to result in a net fair value gain on Innovations’ existing investment of ca. £3.0 million.
Garrison is addressing the large and growing enterprise cyber security market estimated to be worth $23bn and growing at 10% CAGR. The Company has developed an anti-malware product that effectively blocks the highest impact cyber threats to modern organisations, i.e. internet-borne targeted attacks. Garrison’s unique technology enables a previously unachievable blend of ultra-secure internet connectivity, user experience and enterprise scalability.
The Company was founded by an experienced team of cyber security professionals from Detica Group plc, the security focused technology group that was acquired by BAE Systems plc in 2008. CEO Dave Garfield formerly started and ran Detica’s Cyber Security division, growing the business rapidly before leaving to start Garrison Technology in 2014. Co-founder and CTO, Henry Harrison, was a senior technology strategy Director at BAE Detica.
The new funding will enable the company to accelerate product development and commercialisation, continuing to grow its high-calibre team in advance of formally launching its product to market.
Jon Edington, Director Technology Ventures at Touchstone Innovations, said:
“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.
“The Company is led by a top quality, ambitious and commercially minded management team, operating in a high growth global market, so all of the key ingredients are in place to enable us to build a substantial business.”