Australian compliance software specialist Castlepoint Systems has completed a $3m Series A funding round led by Main Sequence.
Alongside Main Sequence, the funding round also saw participation from existing investors IxTx.
Established in 2018, Castlepoint automatically discovers, classifies and controls every document, email, database, webpage or chat message in a company’s network, regardless of its location or format. The platform identifies rogue data and any possible compliance risks based on regulatory rules and reporting.
Castlepoint has a workforce of 23 employees and has more than 25 live implementations aiding regulated organisations protection and retain information through the use of its Data Castle platform approach.
The company claims its solution is ‘fundamental’ to enabling companies to future-proof their operations and providing essential tools to guard against the threats posed by new technologies as well as the exponential growth in data being created in business today.
Castlepoint claims the global demand for its intelligent compliance solution stretches across government, education and a range of regulated industries.
Castlepoint CEO and co-founder Rachel Greaves said, “We’re delighted to welcome Main Sequence to Castlepoint as we set the company on its course for further global expansion.
“Every regulated organisation needs Castlepoint, so these funds will support our growth ambitions. This includes expanding our technical team to meet increased customer demand and developing strategic partnerships to boost sales. Both initiatives will accelerate delivery of our SaaS model to serve an even wider client base around the world.”
Main Sequence partner Mike Zimmerman added, “Organisations are struggling to keep up with the vast amounts of digital information being created across their networks each day, and the dramatic shift to remote working caused by the pandemic has only exacerbated the challenge.
“At the same time, compliance and privacy requirements are increasing and are now a boardroom issue. Castlepoint’s world-leading solution will help organisations of all types and sizes identify and reduce those risks, and we’re excited to support Rachael and her team as they expand their product and customer footprint globally.”
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