Siren accelerates momentum with €12m European Investment Bank backing
Investigative intelligence company Siren has received €12 million in funding from the European Investment Bank. The firm reported 162% revenue growth in 2022 when it achieved its first patent with four additional pending. It also recently established a brand-new headquarters in the Galway Innovation District and was acknowledged in the Deloitte Technology Fast 50 as one of the fastest growing companies in Ireland.
In the same period, Siren 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.
Siren provides an advanced intelligence platform to law enforcement agencies and organisations responsible for maintaining public safety around the world. 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.
Siren 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.”
“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 €12 million backing for Siren will enhance analysis and investigation of data to combat human trafficking, strengthen law enforcement and tackle fraud.”
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. Crucially, it will enable Siren to provide increased value for clients specifically in cyber threat intelligence, operational monitoring, financial crime, and law enforcement and intelligence. In 2019, Siren received $10 million in Series A funding led by Atlantic Bridge.
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