Cybersecurity insights platform Siren has raised €12m in a funding round from the European Investment Bank.
With this capital, the company hopes to bolster the development of its platform at its new R&D centre. It also plans to increase its team by 50% over the next two years.
This investment comes after a strong growth year for Siren, which reported a 162% revenue growth. Other notable milestones include a new patent, with four more pending, and a new headquarters and new partnerships.
The company also launched Siren Consulting, a new strategic and applied projects unit.
Based in Ireland, the company offers an advanced intelligence platform that allows investigators to make complex searches, organise the results visually and create advanced reports to share their findings with their teams. Additionally, companies leverage the technology to protect their assets and networks against fraud and cyber threats.
The platform enables organisations to close cases faster by accelerating investigations with easier access to unconnected data. Organisations can visualise, analyse and disseminate a more precise set of data relationships at machine speed and scale.
Siren CEO John Randles said, “It’s a real milestone that Siren has been endorsed by the European Investment Bank and we are very grateful. For a company at Siren’s stage of growth, access to funding of this magnitude will fuel our rapid expansion plans and allow us to provide many more organisations with access to our unique technology.”
The CyberTech company is partnered with US-based non-profit organisations like Anti-Human Trafficking Intelligence Initiative (ATII) and the National Child Protection Task Force (NCPTF).
Siren previously raised $10m for its Series A funding round in 2019.
In other CyberTech news, Metomic recently secured $20m in its Series A round led by Evolution Equity Partners. The CyberTech is a data security solution for protecting sensitive data.
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