British Patient Capital commits $35m to growth stage cyber security firms

British Patient Capital has made a $35 million commitment to the Evolution Technology Fund II, which is expected to achieve a targeted $250 million final close in the coming months and is already investing in growing cyber security and enterprise software companies.

Evolution Equity Partners has been investing in cyber security companies over the past 20 years, targeting those making use of big data, machine learning, artificial intelligence and software-as-a-service.

The Fund II portfolio companies include Quantexa, a London based big data intelligence and risk analysis firm in which Evolution led a £51 million Series C funding round, and Arqit, a London based cyber security company protecting against quantum cyber threats.

Judith Hartley, chief executive of British Patient Capital, said: “The growth in cyber is being driven by several factors including the move to virtual working and an increasing demand for secure and private systems for online transacting and communications.

“Evolution Equity Partners, with a team including former CEOs and CTOs of leading cyber security companies, are well placed to identify and back the scale-up businesses set to capitalise on this opportunity.”

Richard Seewald, founder and managing partner of Evolution Equity Partners, said: “In the current environment, cyber security is a high priority for every organisation - increased risk to corporate ecosystems, rising geopolitical risk, and a realignment of budgetary spend towards advanced security issues are all expected to increase demand - which presents significant opportunity for next generation cyber security companies.”

He added that the UK is the largest, most concentrated and accessible cyber security market in Europe with over 1,000 cyber security companies.

“It’s early growth and growth stage cyber security businesses are well positioned to benefit from the increased demand for cybersecurity, offering a solid pipeline for talent and investment,” concluded Seewald.

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