Sheffield-based company SCI Semiconductor has raised £5 million in new funding to speed up production of its technology. The company has developed what it describes as the world’s first memory-safe computer chip.
The funding round was heavily oversubscribed, showing strong investor interest. It was led by PXN Ventures and Mercia Ventures two fund managers of the Northern Powerhouse Investment Fund II (NPIF II).
Other investors in the round included cybersecurity seed investor Osney Capital, US-based Black Opal Ventures and several private investors. The new funding will help SCI Semiconductor increase production and further develop its technology.
Memory safety is linked to around 70% of cyberattacks. Traditional software often gives programs broad access to computer memory which can create security weaknesses that hackers can exploit.
Coding mistakes can also cause major system problems, such as the 2024 CrowdStrike outage. SCI Semiconductor aims to reduce these risks by building security directly into its computer chips.
SCI’s technology divides computer memory into separate trusted areas and strictly controls access to them. Its ICENI chips are the first chips based on CHERI technology a government-backed framework designed to improve memory safety.
SCI has also been selected as a core supplier for the UK government’s Accelerated CHERI Adoption Programme. The company’s technology comes as concerns grow that AI tools could help attackers find weaknesses in computer systems.
AI tools such as Mythos can identify serious flaws in computer systems, potentially creating new cybersecurity risks. Critical areas such as infrastructure, defence and healthcare could be especially vulnerable. The UK’s National Cyber Security Centre has also warned that software updates alone may not be enough and has encouraged companies to use memory-safe technology.
SCI’s chips can also help companies meet several reporting requirements under the European Cyber Resilience Act (CRA). The company was founded in 2022 by industry veteran Haydn Povey, Silicon Valley executive Krishna Anne, and Microsoft Research specialist Dr David Chisnall, along with academics from the Universities of Cambridge and Manchester.
Will Schaffer, Investment Director at Mercia Ventures, added: “SCI Semiconductor brings together some of the leading minds in the industry. They have developed an elegant solution to a trillion-dollar problem – one that has so far eluded other players – and the business has quickly gained traction.
SCI Semiconductor currently has 35 employees working across its headquarters in Sheffield and its office in Cambridge.
The company plans to hire 15 more employees over the next year as it continues to grow its business and production.
