Payfont, the cybersecurity start-up, has raised a further £1.2 million from investors as it gears up to launch its latest product.
The fundraising by the Edinburgh-based firm, headed by chief executive David Lanc – a former senior executive at Royal Bank of Scotland’s cards business – takes the total raised since July 2014 to £2.8m.
Investor director Ian Paterson Brown, who led the funding round, said: “Companies have a responsibility to protect customer information and data as well as their own company information, and investors recognise Payfont’s systems are ideally placed to meet the market need and they want to be part of that.”
Payfont, which has 13 staff, is due to unveil a new data security product, called ADeCA, in the first quarter of next year. The technology, which is patent pending, is said to secure company and personal data by making it completely anonymised and meaningless to outsiders.
The company’s cash injection follows high-profile breaches of customer data at firms including TalkTalk, British Gas and Marks & Spencer.