Sytorus, a Dublin, Ireland-based data protection company, has raised €1.7m in fresh funding.
The Bank of Ireland Kernel Capital Early & Growth Stage Funds made the investment, which is in addition to simultaneous funding from Enterprise Ireland and private investors.
Founded in 2013, Sytorus has developed a software-as-a-service (Saas)-based data-protection platform called PrivacyEngine, which enables companies to achieve full compliance with regulations such as GDPR. It focuses specifically on privacy, as opposed to security, ensuring that clients are lawfully processing personal data in line with European regulation.
Orla Rimmington, partner at Kernel Capital, said: “GDPR represents the biggest overhaul of the world’s privacy rules since the birth of the internet. Kernel Capital are delighted to announce details of this significant investment which will drive the business to new frontiers and accelerate their growth into several new markets.”
The platform is designed to take away the complexity of compliance, and transform it into a clear set of actionable results which are evidence based. It features include risk assessments, mandatory logs, documentation management, online training and real-time support from experts.
With over 50 staff, Sytorus is scaling rapidly and today has over 300 hundred fee paying corporate clients worldwide. The company has opened offices in Stockholm and London, and this latest investment will facilitate a new office to open in Frankfurt.
“At Sytorus we believe that data protection practitioners deserve the best tools to do their job. This investment from the Bank of Ireland Kernel Capital Growth Funds, Enterprise Ireland and our private investors will help us to deliver these tools to data protection leaders across the EU,” added Dr. John Ghent, Sytorus CEO.
Copyright © 2018 RegTech Analyst
Copyright © 2018 RegTech Analyst
