Galway-based Siren bags €12m from the European Investment Bank

23 Feb 2023

From left: Kris Peeters and John Randles. Image: Siren

Siren, which helps law enforcement with its intelligence platform, hopes to increase its headcount by 50pc over the next two years.

Irish cybersecurity start-up Siren has received a €12m investment from the European Investment Bank (EIB) to develop its ‘investigative intelligence’ platform and bring it to a wider audience.

Headquartered in Galway, where it has opened a new global R&D centre, Siren aims to help law enforcement agencies and related organisations around the world to make complex searches, organise results visually and create advanced reports to share findings with their teams.

Siren’s patented technology is also used by large corporations to protect their assets and networks against fraud and cyberattacks.

The start-up has partnerships with multiple US non-profits in areas ranging from anti-human trafficking intelligence to national child protection task forces. These organisations use Siren to solve complex intelligence problems, identify traffickers and reduce human trafficking.

In April 2020, Siren struck a partnership with Praescient Analytics that saw its technology integrated into the systems of the Virginia-based analytics firm that provides intelligence to the US government.

On the back of the latest funding announced today (23 February), Siren hopes to increase its headcount by 50pc over the next two years and expand its brand visibility across markets.

“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,” said John Randles, CEO of Siren.

Siren previously raised €10m in a Series A funding round that closed in November 2019. DVI Equity Partners, Frontline Ventures, Atlantic Bridge and Enterprise Ireland backed the investment.

In 2018, Siren raised around $4m in seed funding, which has enabled it to expand its offering and target new markets.

“The €12m backing for Siren will enhance analysis and investigation of data to combat human trafficking, strengthen law enforcement and tackle fraud,” said EIB vice-president Kris Peeters.

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Vish Gain is a journalist with Silicon Republic