A South Wales cybersecurity software firm has closed a $1m funding round led by existing investors Next Big Thing together with new US-based cyber investor Gula Tech Adventures.
Enclave Networks has developed technology to improve the security and resilience of computer networks, while also making them more straightforward to set up and manage.
The investment will support Enclave's go-to-market strategy and expansion into new markets, including the US.
As businesses worldwide grapple with the security challenges of a new 'work-from-home force' in the wake of the pandemic, Enclave offers products that allows organisations to continue working remotely and securely.
Enclave Networks chief executive David Notley said: "Thanks to this deal, we will be able to target new markets and develop our client base across the globe. We will also be adding to our team, investing in new rolesparticualry to support our go to market activities."
He added: "These are exciting times for Enclave Networks. We are looking forward to working with Next Big Thing, Gula Tech Adventures and our other partners to offer more companies the opportunity to protect their networks against the ever-growing threat of cyber attacks and the disastrous consequences such breaches can bring.
Founded in 2016, Next Big Thing is a Berlin-based venture studio for the machine economy that provides a full range of services for the technical development of joint ventures in blockchain, IoT, and cybersecurity. Working with the senior management team, Next Big Thing will support the worldwide sales of the Enclave product to elevate it to the next level of international cybersecurity.
Harald Zapp, chief executive and founder of Next Big Thing, said: "Enclave has gone from strength to strength since NBT first invested in March 2020. We are pleased to be able to follow that with further investment and look forward to continuing our working relationship."
Gula Tech Adventures is a venture capital firm focused on investing in the next generation of cyber threats, cyber hygiene and cloud security. Ron and Cyndi Gula, the founders of Gula Tech Adventures, have decades of experience starting and running cybersecurity companies.
Ron Gula of Gula Tech Adventures said: "We are excited to partner with Enclave to build the next generation of secure computer networks. Enclave is a great fit for our "Secure by Design" portfolio. The networking market is ripe for disruption through easy to deploy Zero Trust solutions.
"We look forward to working together with Enclave to present companies with solutions that enable them to conduct business safely, which is more important now than ever."
Enclave was advised by Paul Evans at Berry Smith and Martin Knight and Huw Palin at BPU Accountants.
