Exonar, a data discovery and management software firm, has raised £6.5m in a new round of funding.
Transatlantic venture capital firm Beringea led the round, with Downing Ventures also making its first investment to Exonar. Previous backers Amadeus Capital Partners and Winton Ventures made new contributions to the RegTech startup.
UK-based Exonar is a data discovery software enterprise which helps clients to comply with data and privacy regulations like GDPR. Its platform is able to identify all of a company’s sensitive and personal information stored across documents, emails, and databases.
Machine learning technology compiles all of the information into a simplified index to help companies find necessary data when it is needed.
With this capital injection Exonar is hoping to further enhance its product and boost compliance capabilities with regulations including GDPR and CCPA.
Beringea managing partner Stuart Veale said, “Data is the backbone of modern business. And yet, it also poses an existential risk, which has traditionally required substantial resources and investment to manage. Exonar transforms this dynamic with a platform that maps and understands petabytes of information in seconds. Beringea has backed Exonar’s leadership and pioneering technology to create a cornerstone of data governance.”
Earlier in the month, Beringea led the £9m funding round of payments and cash management startup AccessPay. The company provides solutions to automate domestic and international payments, customise workflows, automate reporting, and automate GDPR compliance.
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