Galway, Ireland-based Siren, an investigative intelligence company, announced on Thursday, February 23, that it has received €12M in funding from the European Investment Bank (EIB).
Siren says the funds will accelerate the development of its platform at the new global R&D centre in Galway.
The Irish firm also plans to increase its headcount by 50 per cent over the next two years, upgrade its brand, and roll out its services to a wider global audience.
“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,” says John Randles, CEO of Siren.
Previously, the investigative intelligence company raised $10M in a Series A round of funding led by Atlantic Bridge.
Birth of Siren
Siren was founded during advanced Data Science research in the area of the Semantic Web.
Dr. Giovanni Tummarello and Dr. Renaud Delbru led a team of over 30 researchers at the National University of Ireland, Galway, in collaboration with the Massachusetts Institute of Technology (MIT).
The research focused on how to derive meaning from data with a particular focus on search.
Siren became a product company in 2016 and has since been deployed in Law Enforcement and Intelligence, Cyber Security, Fraud, and Internal Threats.
Purpose of Siren
Siren is a complete investigation solution that aims to safeguard people, assets, and networks.
The platform does this by combining data from open source, vendor, and classified sources, allowing analysts and investigators to analyse risks, threats, and crimes for National Security, Public Safety, Fraud and Compliance, and Cyber Threat communities.
The company’s patented technology is search-based, providing the user with easy-to-use search, analytics, visualisation, and reporting capabilities for investigations on all data types at all scales of data volume.
The Irish firm has partnered with US-based non-profit organisations like the Anti-Human Trafficking Intelligence Initiative (ATII) and the National Child Protection Task Force (NCPTF), who use its patented technology to solve complex intelligence problems, identify traffickers and reduce human trafficking.
The company has reported 162 per cent revenue growth, received its first patent with four additional pending, and established a brand new headquarters in the Galway Innovation District.
“The European Investment Bank is committed to supporting cybersecurity innovation and accelerating the development of cutting-edge technology to improve the security of citizens around the world. The EUR 12 million backing for Siren will enhance analysis and investigation of data to combat human trafficking, strengthen law enforcement and tackle fraud,” says Kris Peeters, Vice President of European Investment Bank.