Siren raises €12m in funding from European Investment Bank

Cybersecurity company Siren has raised €12 million in funding from the European Investment Bank to help expand its operations as it continues its global battle against cyber crime.

The funding is a significant milestone for the Galway-based investigative intelligence company, and will allow it to further develop its platform and increase staff numbers in the next two years. Siren said it plans to increase staff by 50 per cent.

The newest funding round follows a series A round led by Atlantic Bridge that saw the company raise $10 million (€9.4 million).

“It’s a real milestone that Siren has been endorsed by the European Investment Bank and we are very grateful,” said chief executive John Randles. “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.”

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The news follows a year where Siren reported 162 per cent revenue growth and opened its new headquarters in the Galway Innovation District. The company was also awarded its first patent, and has an additional four pending.

“The European Investment Bank is committed to supporting cybersecurity innovation and accelerating development of cutting-edge technology to improve security of citizens around the world,” said Kris Peeters, European Investment Bank vice-president.

“The €12 million backing for Siren will enhance analysis and investigation of data to combat human trafficking, strengthen law enforcement and tackle fraud.”

Developed as a spin-out from Data Intensive Infrastructure, the big data and knowledge representation research group at NUI Galway, Siren offers an investigative intelligence platform that makes it easier to use data to answer questions and make links, find patterns and relationships.

It makes data accessible through real-time search, dashboard analytics, knowledge graphs and real-time alerts. Its advanced intelligence platform is available to law enforcement agencies and public safety organisations.

Among its current partnerships are US based non-profit organisations such as the Anti-Human Trafficking Intelligence Initiative (ATII) and the National Child Protection Task Force (NCPTF).