Skipton-based network security firm Syphan Technologies has received a £250,000 investment from the Yorkshire & Humber Equity Fund.

The fund saw huge potential for a world first product, which protects IT network servers from intrusion, data leakage and provides content monitoring. Syphan claim that it has developed the highest security performance network security applications in the industry.

The funding will allow Syphan to complete its first product design, and improve operational effectiveness in preparation for its initial product launch later this year.

Syphan had initially approached other forms of funding, but the Equity Fund offered the understanding of the opportunity and a willingness to back a ‘big’ idea in a market traditionally dominated by American and Israeli companies. The investment is also important at a time where businesses are finding it difficult to raise finance from banks and institutions.

Chris Fitzsimmons, investment manager at Yorkshire & Humber Equity Fund, commented: “We quickly recognised that Syphan had a compelling proposition that had the ability to take the leading position in a market that is growing at an explosive rate.”

In the last 12 months, the fund has invested £211 million in 104 UK companies, and manages a total of £300 million of funds for both institutional and retail clients