Data security firm Getvisibility raises €10 million in funding
Getvisibility, a Cork-based data security company, has raised €10m in a Series A funding round.
The startup was founded in 2018 by Ronan Murphy and Mark Brosnan as a spin-out from the former’s much-loved cybersecurity company, Smarttech247.
Getvisibility, whose clients include Laya Healthcare, the Department of Agriculture and FBD Insurance, had developed proprietary software that uses artificial intelligence to discover, classify and protect unstructured data typically contained in PDF files, spreadsheets calculation and text documents. In doing so, Getvisibility helps organizations better visualize their data footprint for more proactive management and security.
The Series A funding round was co-led by Alpha Intelligence Capital and Fortino Capital. Barry Downes’ Sure Valley Ventures, which previously led a €1.25 million seed investment in GetVisbility in early 2020, also participated.
In total, the company has raised over €13m to date, with former Eir Managing Director Herb Hribar leading a €2.1m fundraise for the company in June 2021.
The company, which works with a number of Fortune 500 companies and governments in the United States, Europe and the Middle East, said it would use the additional funding to expand its sales and engineering teams.
Murphy said the company is looking for increased demand for its solutions, especially from companies in the healthcare, financial services and manufacturing industries.
“2022 is shaping up to be a massive year for the Getvisibility platform. We are accelerating this pace of innovation, R&D, sales and marketing,” he said.
“As enterprises urgently need to master data security, Getvisibility’s machine learning capabilities deliver real, tangible ROI, better compliance capabilities, and superior overall data security,” added Mr. Murphy.
Alpha Intelligence Capital is a Luxembourg-based venture capital fund that invests in companies focused on deep artificial intelligence and machine learning. Fortino Capital Partners is a European investment firm specializing in B2B software and based in Antwerp and Amsterdam.