Data intelligence company Siren has closed a €3M seed investment round, led by Atlantic Bridge University Fund.
The company will use the new capital to deploy its semantic data investigation technology in new sectors, as an addition to their existing work with law enforcement agencies.
Headquartered in Galway, Ireland, Siren’s platform allows customers to leverage relationships across multiple data sets, enabling three distinct types of data intelligence: operational intelligence, research intelligence, and fraud intelligence.
This includes system monitoring, cybersecurity, process monitoring, discovery of trading opportunities, life sciences drug research, KYC and counterparty risk management. Its fraud intelligence is used by police, state security services, regulators and compliance teams. In the financial industry, Siren delivers ‘new capabilities’ for fraud detection, risk management, opportunity discovery and more according to its website.
Founder and chief product officer Giovanni Tummarello said: “Our unique semantic approach enables fast responses to complex data investigation challenges. Our initial focus has been on working with national security services and police, where the mission-critical investigation of data is often done under intense time pressure. These capabilities have not previously been readily accessible in other sectors but we are now working with some of the largest financial and life sciences organisations to enable cross-dataset real time investigation.”
The company also announced the appointment of John Randles as CEO. Randles was previously the CEO of PolarLake between 2006 and 2012, and remained CEO following the company’s sale to Bloomberg in 2012, when PolarLake became the heart of the Bloomberg’s data management utility. Before joining PolarLake, he was CTO of Siebel Systems’ banking division, and previously served as CTO of multi-channel retail banking software vendor Eontec.
Atlantic Bridge is a European Growth Technology Firm which invests in high growth technology companies, focusing on disruptive sectors such as Artificial Intelligence, Computer Visioning, Robotics, Machine Learning, Enterprise Software and IoT.
In the Global RegTech Review, Ireland came second in Europe in terms of the number of RegTech deals completed between 2012 and H1 2017.
The county also boasted the most well-funded RegTech company in Europe with Fenergo, an onboarding verification specialist, receiving $80.4m since 2012. The company, based in Dublin, received an initial investment of $5.4m in 2013 followed by a $75m round from Aquiline Capital Partners and Insight Capital Partners in 2015.
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