Syphan seeks to raise investment to accelerate its research and development programme
Syphan Technologies has announced a bid to raise an additional £1 million in investment from existing and new funding sources to help fund the global roll-out of its advanced security products. The new investment will be used to rapidly accelerate the company’s research and development programme to meet the growing world-wide demand for high-performance network security.
Syphan is working on a range of threat protection functionality to add to its ITC220 firewall solution, the only network security appliance that is capable of matching 10 Gb/sec processing speeds, the new standard for enterprise-class networks. The company is in advanced discussions with a number of regional, national and International investment funds and is confident that the new funding can be raised quickly to ensure that product and business development plans can be accelerated in line with market demands.
Skipton, North Yorkshire based Syphan was established in 2006 to specifically target the next generation data centre and managed security service provider markets, and has received around £2M in development funding from Partners in Finance (PIF) and Yorkshire and Humber Enterprise Fund (YHEF, helped by Yorkshire Fund Managers, to get it to its current stage of development.
Founder and network security visionary behind the company, Pravin Mirchandani recognised that existing security technology was unable to protect enterprise-class networks from new internet-based security threats at the 10 giga-byte speeds these real-time applications need to function reliably and developed a totally new approach to the design of the core technology necessary to provide both security and maximum performance in the next generation of business and government networks.
Following its success in replacing existing, slow-performing firewall technologies in the digital TV broadcast content and post-production market, which involves moving massive data files around the network in real-time, Syphan is now rapidly moving forward with the development of a range of additional threat protection functionality that will be introduced to the wider enterprise and managed security service market by mid 2010.
Syphan’s immediate priority is to respond to urgent demands by service providers, who need to introduce a new range of Internet-based security services for businesses looking to reduce their operational and network management overheads. This software-as-a-service approach to security is rapidly gaining momentum as an alternative to traditional in-house data-centre investment fuelled by the current demanding economic climate.
The move will lead to Syphan doubling its development team and creating a further 20 to 30 new jobs in the region by 2012 as well as increasing it sales and marketing efforts in North America and the rapidly developing Asia-Pacific markets. Globally the IT security market is worth around $6 billion with the introduction of managed security services representing the highest growth sector over the next three to five years. With the new investment Syphan expects to grow its worldwide business to around £150m per annum over the same period.
To help with the next stage in the company’s development Syphan has recruited network infrastructure specialist John Murray as a non-executive director. Formerly part of the highly successful InTechnology plc management team as Chief Technology Officer, John was responsible for building many of the company’s large scale network infrastructure projects that has seen InTechnology achieve a £45 million turnover and employing a team of 200 people at its Harrogate HQ.
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