My1Login, which was set up in 2007 to help tackle the issue of employee passwords after seeing corporate data breaches, said it has secured £1.3 million from a consortium of the Scottish Investment Bank (SIB), business angel syndicate Equity Gap, property investment firm Tri Capital and venture capital firm Par Equity.
It said the sum follows £680,000 raised in 2013, and will help it progress in the European enterprise sector with its services that work to combat data breaches and cyber crime by providing a single sign-On that works with all applications and devices.
My1Login added that it helps protect more than 1,000 organisations worldwide, focusing on highly-regulated markets including financial services and the public sector, and recently added Scottish Water Business Stream as a major enterprise customer.
Mike Newman, chief executive of My1Login, said it has won some “very large contracts, and we are delighted the additional investment will give us the means to accelerate our growth in Europe. I’m pleased that My1Login has continued to attract larger levels of investment reflecting increasing confidence in our growth plans.”
Kerry Sharp, head of the SIB, added: “It is companies like My1Login that we are here to support and it is exciting to see the company continue to expand its offering and market reach.”
Jock Millican of Equity Gap added that with the relevant market set to grow to £18 billion, “it’s good being on board with such an ambitious and energetic team”.