SysGroup, the Manchester-based IT services, cloud hosting and cyber security firm, said it had raised £11 million selling new shares to investors. 

The company said about £2 million of the proceeds will be used to fund an internal transformation project to provide the group with systems utilising AI-driven technologies. SysGroup aims to become the “partner of choice” for small and medium-sized businesses as they adopt AI. 

Heejae Chae, Executive Chairman, said: “We are pleased with the level of support from our existing shareholders and are delighted to welcome a number of new investors to the register who share our vision for the business in its next stage of growth.”