FAT32, a Sunderland-based cyber security firm, has secured a substantial investment to accelerate its expansion.
The investment of £625,000 includes significant funding from the Venture Sunderland Fund, supporting FAT32 in advancing its innovative solutions in the field.
Securing a Major Investment
FAT32, a prominent cyber security company in Sunderland, has successfully secured a £625,000 investment. This funding marks the first investment from the newly launched Venture Sunderland Fund, providing £350,000 of the total amount. The remainder is sourced from the North East Innovation Fund and angel investors. This financial boost is expected to accelerate FAT32’s growth and innovation in the cyber security field.
The Role of Venture Sunderland Fund
The Venture Sunderland Fund is a newly established financial resource aimed at supporting high-potential businesses in Sunderland. By providing a substantial portion of FAT32’s investment, the fund demonstrates its commitment to fostering local business growth. It encourages new ventures and supports existing companies looking to scale operations.
Innovation in Cyber Security
FAT32 is revolutionising the regulatory technology marketplace with its innovative OneClickComply tool. This tool simplifies cyber-security compliance, potentially reducing costs by up to 70%. Notably, it allows compliance tasks to be completed up to 20 times faster. Such efficiency places FAT32 at the forefront of a cyber-security market predicted to nearly double in value by 2029.
Founders’ Vision and Leadership
The company was founded by Connor Greig, Conor Sizeland, and David Warren, who share a deep interest in emerging technologies. Their leadership, combined with the expertise of chairman Kelvin Harrison, drives the company’s strategic direction. Together with advisor Jamie Whitcombe-Jones, the team aims to leverage their knowledge to further FAT32’s mission.
Future Expansion Plans
With this investment, FAT32 plans to advance its software solutions and enlarge its team. By doing so, the company intends to create high-skilled jobs in the Sunderland area. This aligns with their broader goal of contributing to the growth of the cyber security sector within the North East region.
Comments from Stakeholders
Connor Greig, co-founder of FAT32, expressed enthusiasm for the investment, highlighting the potential to create skilled digital jobs in the region. He emphasised FAT32’s mission to simplify cyber security for businesses. Tom O’Neill of Northstar Ventures also praised the company, recognising the effectiveness of FAT32’s solutions in addressing significant cyber security challenges faced by businesses.
Market Outlook and Potential
The cyber security market is estimated to be worth £11bn in 2023 and is expected to grow significantly. This presents FAT32 with ample opportunities to expand its market share. The company’s focus on automated compliance solutions positions it well to meet the increasing demand for efficient cyber security measures.
Leveraging Expertise and Technology
FAT32 combines continuous monitoring with automated remediation, providing a comprehensive solution for compliance issues. This innovation is designed to help companies navigate their compliance processes effectively, even without prior cyber security experience. The company’s approach highlights its commitment to making cyber security both accessible and affordable.
Final Thoughts on Investment Impact
The £625,000 investment is a pivotal moment for FAT32, signalling a new phase of growth and innovation. As the company expands, it is poised to make significant contributions to the regional economy and the broader cyber security landscape.
The investment in FAT32 represents a significant step forward for Sunderland’s tech landscape, promising growth and innovation in cyber security.
