A data privacy platform has just received a substantial financial boost, securing £6.5 million in new funding.
This considerable funding is set to enhance the firm’s ability to manage large volumes of data effectively, particularly in the context of strict data protection regulations.
Exonar’s Funding Success
Data privacy platform Exonar has successfully secured £6.5 million in funding. The company, based in Newbury, enables firms to understand the data held across billions of emails, digital archives, documents, and databases. This is particularly valuable following the implementation of GDPR last year.
For instance, if a subject access request were made to a bank, the bank could instantly determine what information was held in which documents and formulate a plan to update or delete them. This feature emphasizes Exonar’s importance in modern data management.
Investment Led by Key Players
The funding round was led by transatlantic venture capital investor Beringea, which plans to deploy £80m in UK businesses. This investment was complemented by Downing Ventures, an early-stage investor, along with existing investors Amadeus Capital Partners and Winton Ventures.
Beringea recently led a £9m investment round into another FinTech company, AccessPay. This shows their commitment to fostering technological innovations in the UK market.
Leadership and Vision
Adrian Barrett, the founder of Exonar, has experience working with Cisco and Lumeta, a global network data specialist.
Barrett stated, “These are exciting times for Exonar. The significant backing from Beringea and Downing Ventures reinforces our belief that the Exonar platform has a crucial role to play in enterprise-level data discovery and management.”
He also highlighted that the investment would enable the company to enhance its product. This would help customers meet current and future data demands such as GDPR and CCPA swiftly, simply, and at scale.
The Growing Importance of Data Discovery
Data discovery technology is becoming vital for businesses that can hold petabytes of data across their entire information estate. Modern businesses require efficient data management systems to handle this enormous amount of information.
The increasing value of data has led industry analysts to estimate that the global data governance software market will grow by 22% annually over the next five years. By 2023, it is expected to reach $3.5bn.
Exonar’s platform addresses this need by mapping and understanding petabytes of information in mere seconds.
Support from Key Investors
Stuart Veale, managing partner of Beringea, commented on the investment by stating, “Beringea has backed Exonar’s leadership and pioneering technology to create a cornerstone of data governance.”
James Lewis, Investment Director at Downing Ventures, added, “Exonar is at the forefront of shaping and solving data access and utilisation challenges. We are delighted to support Adrian and the team on this journey.”
These statements from key investors underscore their confidence in Exonar’s transformative role in data governance and management.
Future Prospects
The future looks bright for Exonar as it continues to innovate and develop its platform to meet evolving data management needs.
The investment will also facilitate the company’s efforts to scale its operations and enhance its offerings to a broader client base. Exonar aims to remain at the forefront of data discovery technology.
The recent investment highlights the critical role of data privacy platforms in the modern digital landscape.
Exonar is well-positioned to leverage this financial support to further refine its data management solutions and meet the growing demands of data governance.