Cytix raises $7M Series A to tackle cyber risks from AI-driven software development

Cybersecurity firm Cytix has secured $7 million in Series A financing to bolster its change risk management platform and broaden its reach among large organizations and those subject to stringent regulations. The investment round was spearheaded by Northern Gritstone, complemented by backing from Auriga Cyber Ventures and NPIF II – PXN Equity Finance, managed by PXN Ventures under the Northern Powerhouse Investment Fund II umbrella.

Cytix tackles the escalating security concerns linked to accelerated software development, particularly as AI-assisted coding, automated workflows, and continuous delivery amplify the speed and frequency of software alterations. Traditional security measures, which primarily concentrate on spotting vulnerabilities, offer limited insight into the business risks linked to specific changes, according to Cytix.

A survey highlighted by the company reveals that 62% of security professionals perceive security risks within their organizations as evolving from a dormant concern to an urgent one, while 38% strongly concur that their organization is unprepared for the deluge of AI-generated code infiltrating their systems. Software is evolving.

AI-assisted development implies changes now occur at machine velocity, leaving many security decision-makers lacking oversight or comprehension of these changes from a risk standpoint. Cytix's change risk management platform is engineered to empower organizations to manage this risk. CEO Ben Armstrong stated, "Our platform enables businesses to exert control over this risk."

The platform continuously monitors software updates and modifications, evaluates the associated risks, determines the requisite security response, and verifies the effectiveness of these risk mitigation efforts. It also generates documentation demonstrating the handling of individual changes, aiding regulatory and compliance obligations.

Positioned between a customer's software development lifecycle, where modifications are implemented, and the risk, security, and compliance departments, Cytix offers a centralized control point for software changes. This empowers security teams to gain visibility into the changes made, the associated business risks, and the actions taken in response.

The Series A funding will fuel the platform's deployment as Cytix aims to cater to enterprise clients and entities in regulated sectors where software change oversight is a compliance necessity. Customers can access the platform directly through Cytix or via its managed service partnerships with NCC Group and KPMG.