Cybersecurity technology developer Garrison has received $5m from IP Group after being backed by Touchstone in 2015 and 2017.
UK-based cybersecurity technology developer Garrison Technology closed a £22.9m ($30m) funding round today backed by commercialisation firm IP Group.
Venture capital firm Dawn Capital led the round, which also featured investment companies BGF and NM Capital.
IP Group committed $5m to the round and now owns a 23.4% stake valued at a $37.8m. The firm said it anticipated a $19.9m gain in unrealised fair value terms.
Founded in 2014, Garrison Technology has developed a remote web browser and related hardware that allows enterprises and agencies to prevent local machines from accessing malicious data sources by keeping all activity in the cloud.
The product, Silicon Assured Video Isolation, is already being used by government and military clients and could soon be distributed to commercial organisations.
Garrison will utilise the funding to build out its sales and marketing operation while also recruiting more engineers as it looks to enhance its services to support expansion in the UK, US and other international markets.
Touchstone Innovations, which was bought by IP Group in late 2017, invested $4.7m in Garrison as part of a $14.7m series A round in March last year backed by BGF Ventures, NM Capital and a range of angel investors, according to UK Tech News.
Garrison had previously received $3.1m in a 2015 seed round backed by Touchstone, then known as Imperial Innovations, and assorted angel investors.
