Investigative intelligence company Siren received €12 million in funding from the European Investment Bank (EIB) for expansion.
The funding will further support the development of the Siren platform at the new global R&D centre in Galway, Ireland, to increase headcount by 50% over the next two years, to elevate its brand and to market 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.
“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,” Siren CEO John Randles said.
The announcement comes off the back of what the company calls “a record year”. In 2022, Siren has reported 162% revenue growth, achieved its first patent with four additional pending, 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.
The company has also Siren signed several partnerships to bring a more complete suite of intelligence sources to its customers. The new data partnerships provide commercial risk intelligence, open source intelligence (OSINT), dark web intelligence and cyber threat intelligence. On February 10, Siren announced a strategic partnership with DarkOwl, a Denver based threat intelligence company specializing in dark web data.
Siren provides an advanced intelligence platform to law enforcement agencies and organisations responsible for maintaining public safety, bit 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.
According to EIB vice president Kris Peeters, the funds will help Siren to enhance analysis and investigation of data to combat human trafficking, strengthen law enforcement and tackle fraud.
In 2019, Ireland-based Siren received $10 million in Series A funding led by Atlantic Bridge, a global growth equity technology firm with over €1 billion of assets under management across eight funds, investing in technology companies in Europe and the U.S.
Image source: Siren.io
