Cork-based data security company Getvisibility has raised €10 million in a Series A funding round.
The start-up was founded in 2018 by Ronan Murphy and Mark Brosnan as a spin-out from the former's highly regarded 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 PDFs, spreadsheets and text documents. In doing so Getvisibility helps organisations better visualise their data footprint to ensure more proactive management and security.
The Series A founding round has been co-led by Alpha Intelligence Capital and Fortino Capital. Barry Downes's Sure Valley Ventures, which previously led a €1.25 million seed investment in GetVisbility in early 2020, also participated.
Overall, the company has raised over €13 million to date with former Eir chief executive Herb Hribar leading a €2.1 million fundraise for the company in June 2021.
The company, which works with a number of Fortune 500 companies and governments across the US, Europe and the Middle East, said it will use the additional financing to grow its commercial and engineering teams.
Mr Murphy said the company is seeking increased demand for its solutions, particularly from companies in the healthcare, financial services, and manufacturing sectors.
“2022 is shaping up to be a massive year for the Getvisibility platform. We’re accelerating that pace of innovation, R&D, sales and marketing,” he said.
“As enterprises urgently need to get to grips with data security, the machine learning capabilities of Getvisibility provide real tangible return on investment, better compliance capabilities and overall superior data security,” Mr Murphy added.
Alpha Intelligence Capital is a Luxembourg-based venture capital fund investing in deep artificial intelligence/machine learning focused companies. Fortino Capital Partners is a European investment firm specialising in B2B software and based in Antwerp and Amsterdam.
