Ireland Dublin-based data protection startup, Sytorus has raised €1.7M in a fresh funding round. The Bank of Ireland Kernel Capital Early & Growth Stage Funds have invested €1.7 million in Sytorus Ltd, this is in addition to simultaneous investment from Enterprise Ireland and a number of unnamed private investors.
Founded in 2013 by Dr. John Ghent (CEO), Mike Morrissey (COO) and Hugh Jones, Sytorus provides “PrivacyEngine”, a dynamic GDPR and Data Protection SAAS product to corporate clients. The platform, designed by Data Protection practitioners, aims to take away the complexity of compliance and transform it into a clear set of actionable results which are evidence-based. It features risk assessments, mandatory logs, documentation management, online training and real-time support from experts.
“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,” said Orla Rimmington, Partner, Kernel Capital.
“At Sytorus we believe that data protection practitioners deserve the best tools to do their job. This investment will help us to deliver these tools to data protection leaders across the EU,” commented the company’s chief executive Dr. John Ghent.
Data protection is a global $Bn market driven by legislation such as GDPR, which applies monetary sanctions of up to 4% of global turnover for breaches of the regulation. According to the Identity Theft Resource Centre, the number of US data breaches reported in 2017 hit a record high of 1,579 breaches, a 44.7% increase on the previous year. Similarly, the number of complaints made to the Office of the Data Protection Commissioner (ODPC) rose by 79% in 2017 in Ireland.
The company, which has over 50 staff in Dublin, Stockholm, and London, is scaling rapidly and has over 300 hundred fee-paying corporate clients worldwide. Furthermore, the company plans to deploy newly raised funds to expand operations and open a new office in Frankfurt.