A Belfast company specialising in software that automatically enforces compliance with data protection regulations has raised £1.5 million in new funding.
Automated Intelligence, established in 2010 by chief executive Mark Godfrey and chief technology officer Simon Cole, employs 65 people and will seek to expand into new territories with the money.
The investment comprises £1 million from the Bank of Ireland Kernel Capital Growth Fund and the remainder from a private investor.
The EU’s new General Data Protection Regulations will come into force on May 25th, 2018, replacing the existing data protection framework under the EU Data Protection Directive.
According to the office of the Data Protection Commissioner, organisations involved in data processing of any sort will need to make themselves aware of how the regulations will affect them directly, as well as in terms of the obligations it imposes.
In line with the requirements, Automated Intelligence said its software automatically enforces appropriate governance across all content to reduce cost, as well as legal and reputational risk, while simultaneously improving organisational productivity.
Mr Godfrey said the software also provides “deep analysis” on information “quickly and accurately”, categorising the data before securely moving valuable content to platforms such as Microsoft Office365.
“A bank might have tens of millions of documents historically,” he said. “What we do is help them pull the vital information forward so the business can react more efficiently, or use that intelligence to get business insights.
“We can then re-platform it in the cloud to reduce costs. So, it’s all about giving insights and reducing operational costs for the organisation we serve. We look after banks, government departments and commercial organisations.
“We’ve got a lot of new walls and regulations coming out around information and privacy. The [General Data Protection Regulations] will be coming out, and we’ve adapted our solutions specifically to help organisations adapt to those requirements.”
In terms of the investment, he added: "The money is about expanding our operations into new territories because we see demand for that right throughout Europe. Ultimately we see north America as the next stop after that. We want more customers under our belt."