Galway cybersecurity firm Siren raises €12m

Siren has reported a 162% revenue growth and recently achieved its first patent.

Irish cybersecurity business Siren has raised €12m in backing from the European Investment Back to fight cybercrime.

The investigative intelligence company’s technology keeps people, assets and networks safe.

“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”

The funding comes off the back of a strong year for the business which reported a 162% increase in revenues, achieved its first patent with four more pending and opened a new headquarters in the Galway Innovation District.

The business was also listed in the Deloitte Technology Fast 50 listing of Ireland’s fastest-growing tech firms.

Siren also signed several partnerships to bring a more complete suite of intelligence sources to its customers and differentiate itself in the marketplace as a single search experience across all third party data. The new data partnerships provide commercial risk intelligence, open source intelligence (OSINT), dark web intelligence and cyber threat intelligence. In addition, Siren launched Siren Consulting, a new strategic and applied projects unit of the company.

Data for good

Siren allows investigators to make complex searches, organise the results visually and create advanced reports to share findings with their teams. The platform is also used by large Corporations to protect their assets and networks against fraud and cyber threats.

The Galway 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.

“It’s a real milestone that Siren has been endorsed by the European Investment Bank and we are very grateful,” said John Randles, CEO of Siren.

“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.”

This latest funding will further support the development of the Siren platform at the new global R&D centre in Galway, to increase headcount by 50% over the next two years, to elevate the Siren brand and to market Siren capabilities to a wider global audience.

In 2019, Siren received $10m in Series A funding led by Atlantic Bridge.

“The European Investment Bank is committed to supporting cybersecurity innovation and accelerating development of cutting-edge technology to improve security of citizens around the world,” said Kris Peeters, European Investment Bank vice-president.

“The €12m backing for Siren will enhance analysis and investigation of data to combat human trafficking, strengthen law enforcement and tackle fraud.”

John Kennedy
Award-winning editor John Kennedy is one of Ireland's most experienced business and technology journalists.