A Sunderland cyber security firm, FAT32, has secured a significant investment.
- The company received £625,000, with £350,000 from the newly launched Venture Sunderland Fund.
- FAT32 aims to streamline cyber-security compliance, offering cost savings up to 70%.
- Funds will support software development and team expansion, boosting regional job creation.
- FAT32’s OneClickComply tool enhances compliance efficiency, targeting a growing £11bn market.
A Sunderland-based cyber security firm, FAT32, has successfully secured an investment of £625,000 to propel its growth. A significant portion of this investment, amounting to £350,000, is sourced from the newly established Venture Sunderland Fund, managed by Northstar Ventures. This marks the first instance of investment from the fund, setting a precedent for future ventures.
FAT32 is making notable strides in the regulatory tech industry by transforming cyber-security compliance into a more efficient and less costly process. The company’s flagship solution, the OneClickComply tool, promises to help businesses achieve compliance up to 20 times faster compared to traditional methods. This technology positions FAT32 competitively within a cyber-security market projected to grow from £11bn in 2023 to an estimated £20bn by 2029.
The founding team of FAT32 includes Connor Greig, Conor Sizeland, and David Warren, who bring together their expertise in software engineering and cyber security. This team, along with chairman Kelvin Harrison and advisor Jamie Whitcombe-Jones, is committed to leveraging their skills to push the boundaries of cyber-security solutions.
Investment flowing into FAT32 consists of £350,000 from the Venture Sunderland Fund, £200,000 from the North East Innovation Fund supported by the European Regional Development Fund, and additional backing from angel investors. This financial support is intended to refine the firm’s software offerings and expand its team, thereby contributing to the creation of high-skilled jobs within Sunderland and strengthening the regional cyber security cluster.
Co-founder Connor Greig has expressed ambitious plans for FAT32, emphasizing the goal of fostering digital job growth in the North East. Highlighting a quote, he stated, “FAT32 is delighted to be the first investment from the Venture Sunderland Fund….” Greig discusses the firm’s mission to automate cyber security compliance, offering an accessible and affordable solution that features continuous monitoring and automated remediation. This innovative approach simplifies the compliance journey, eliminating the need for extensive cyber expertise for businesses.
Tom O’Neill, representing Northstar Ventures, conveyed enthusiasm about the investment, noting FAT32’s potential to address cybersecurity challenges faced by numerous businesses. O’Neill remarked on the company’s impressive founding team and pioneering solution, indicating exciting prospects for FAT32 as it scales its operations.
The strategic investment into FAT32 underscores a pivotal advancement in both the firm’s growth and the broader regional tech landscape.
