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Cytix 🔒
Hack-cess denied
Setting the Scene
In the 1960s, ethical hacking emerged to protect companies from cyberattacks.
Companies began hiring pen testing consultants to simulate attacks on their systems and identify vulnerabilities.
In today’s digital age, cyberattacks are an ever-present threat, and protecting against hackers has become critical.
Think of all the resourceful 14-year-olds hacking in their parents' basements as we speak.👨💻
However, pen testing methods remain outdated, with consultants charging high costs for annual compliance tests and taking weeks to produce excessive reports.
This week's company provides an automated platform with trusted pen testers to allow companies to run continuous security testing.
In a Sentence
Cytix is a security testing platform that enables companies to continuously monitor technology assets throughout their workflow.
Security testing: Simulate real-world hacks to identify security weaknesses.
Monitor: A vulnerability management platform and a team of in-house ethical hackers offer timely tests and reports upon request.
Workflow: Integrates with AWS, GitHub, and more to allow continuous, time-effective security testing during development.
Bulleted version: Similar to how a fitness tracker continually monitors your vitals, Cytix continually evaluates a company’s security vitals to expose vulnerabilities. ⌚️
The Basics
Industry: PTaaS, Cybersecurity, DevOps
Headquarters: Manchester, UK 🇬🇧
Year founded: 2022
Employee count: 5 💼
Investors: SFC Capital
Amount raised: £230k
Currently raising: £500k (£330k committed)
Business model: Subscription, services
Early traction: 21 users, £230k in the pipeline across 9 customers
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Due Diligence
WHAT WE LIKE
📝 Pen testing market: The pen testing market is valued at $1.4b, with a 13.7% annual growth rate driven by increasing demands for continuous testing at an accessible cost, increased hacker sophistication, and rising security regulations.
👩💻 Broad end customer: Cytix serves a wide range of customers, helping small to enterprise customers meet industry-specific compliance requirements and prevent cyberattacks.
👥 Platform + in-house testers: Cytix combines its platform with an in-house team of pen testers to provide customers with quality support throughout their development and growth.
POTENTIAL RISKS
🌎 Hackathon: Cytix faces competition from pen testing crowdsourcing platforms and automated security testing startups taking market share from traditional pen testing consultants.
Additionally, many large enterprises hire in-house ethical hackers.
📈 Growing with customers: As more companies join the platform, Cytix must expand its network of pen testers to offer continuous and timely security tests.
Plus, Cytix must ensure it brings on trusted testers who have an understanding of the legal and ethical guidelines.
🤝 Fast trust: Cytix must invest early in sales and marketing to build trust and credibility with potential customers in the highly competitive and sensitive industry.
Cartoon by JRP
Founder Profile
Thomas Ballin: Previously worked at Secarma and NCC Group as a security consultant.
Ben Armstrong: Previously worked at Secarma and NCC Group in sales.
Matt Milan: Previously worked at Clenergy EV, Secarma, and Encircle Marketing as a software engineer.
To request an introduction to the founder, respond to this email.
Comps
Cobalt: Backed by Highland Europe, byFounders, elab Ventures, and others.
Strike: Backed by Greyhound Capital, Canary, FJ Labs, and others.
Heyhack: Backed by PreSeed Ventures and angels.
Why Cytix: With a growing need for consistent security testing, a vulnerability management platform combined with a team of trusted testers, and strong early traction with customers across industries, we can attest to the company’s potential for growth. 🔐
📌 Bulletin Board
🚨 Past feature updates:
POSH, an event management and ticketing platform that offers custom tools for event curators, raised a $5m seed round from Companyon Ventures, EPIC Ventures, and others.
Summer, a property management platform that offers flexible ways to buy vacation homes, was accepted into the REACH program through Second Century Ventures.
Somewhere Somehow, a new social platform to share authentic moments with friends, launched on the App Store.
💬 Dorsey’s social app: Twitter founder Jack Dorsey’s new social platform Bluesky continues to turn heads, with users begging for invites to the beta app.
Will Bluesky become Twitter 2.0 or will Musk-led Twitter persist?
⬇️ Cast Your Vote
What's your take on Cytix? |
Last Week Today
The results are in: HYP, an auction platform that helps brands run and market exclusive releases, was voted a winner by 53% of voters.
Subscriber feedback: “The market is definitely there, but there is a ceiling preventing the industry from reaching the large volume needed for profitability at scale.”
