London, 21st January 2019: Transatlantic venture capital investor, Beringea, has announced that it has led a £6.5m investment in Exonar, a leading data discovery and management software firm. Downing Ventures, the early stage investor, has also participated in the round alongside notable existing investors, Amadeus Capital Partners and Winton Ventures.
Enterprises are facing a fundamental change in the way they process and store information. An exponential increase in data volume means organisations must find new ways to understand the risk as well as the opportunities in their data. Driven by new regulation, cyber threats and competition, organisations who use data they hold effectively will survive and thrive.
Exonar discovers an organisation’s most sensitive, valuable and personal information. By simply plugging Exonar into a network, an instant view of all structured and unstructured data is provided, enabling the creation of inventories, security of sensitive data and regulatory compliance.
Recent research by EY found the UK’s largest firms spent over $1.1bn to comply with the EU General Data Protection Regulation (GDPR) before it came into force in May 2018, while the same research found that Fortune 500 companies had spent $7.8bn.
Data discovery technology is proving vital to businesses that can easily hold petabytes of data across their entire information estate. The significant growth of data value has led to industry analysts estimating that the global data governance software market will grow 22 per cent annually over the next five years to a value of $3.5bn by 2023. Exonar is well positioned to provide the technology needed to support this extensive growth.
Exonar was founded by Adrian Barrett, a visionary with substantial experience in data, analytics, and information security who has previously worked for Cisco and Lumeta, a global network data specialist. He is supported by an experienced management team with decades of leadership experience in global cyber security and technology companies such as BT, Fujitsu, Veritas, Symantec and EMC.
Adrian Barrett, CEO and Founder, commented: “These are exciting times for Exonar. To receive significant backing from Beringea and Downing Ventures reinforces our belief that the Exonar platform has a significant role to play in enterprise-level data discovery and management. We have a clear vision for future development and the investment will enable us to further enhance our product, enabling our customers to meet current and future data demands such as GDPR and CCPA swiftly, simply and at scale.”
“Data is the backbone of modern business. And yet, it also poses an existential risk, which has traditionally required substantial resources and investment to manage. Exonar transforms this dynamic with a platform that maps and understands petabytes of information in seconds.” Stuart Veale, Managing Partner of Beringea, commented: “Beringea has backed Exonar’s leadership and pioneering technology to create a cornerstone of data governance.”
James Lewis, Investment Director at Downing Ventures, commented: “Not a day goes by that we don’t hear about the importance of accessing and making better use of data in all our businesses – Exonar is at the forefront of shaping and solving this challenge and we’re delighted to be part of the journey with Adrian and the team.”
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Notes to editors
Henry Philipson, Head of Communications, Beringea
Mobile: +44 (0)7837162546
Exonar is a data discovery software company based in Newbury, Berkshire. Founded in 2013 by Adrian Barrett (CEO), Exonar discovers an organisation’s most sensitive, valuable and personal information, therefore providing the answer to an all-too-common statement – “I just don’t know what I’ve got”. By simply plugging Exonar into a network, an instant view of all structured and unstructured data is provided, enabling the creation of inventories, security of sensitive data and regulatory compliance.
For more information, please contact Exonar: Tellmemore@exonar.com
Beringea is a highly active growth capital investor with $715m under management and offices in the UK and US. It supports high-growth businesses with annual revenues of more than £1 million, investing between £1 million and £20 million to help companies scale. With a successful track-record of investments spanning 30 years, Beringea has more than 60 portfolio companies across its US and UK offices. The company has a history of strong partnerships with management teams, often reinvesting in its successful entrepreneurs. Its core areas for investment include digital media, business software and services, and consumer industries. With an extensive range of expertise across the team, and an ability for spotting and following opportunities, Beringea’s portfolio includes companies in a range of sectors, and its team continues to be at the forefront of emerging trends.
About Downing Ventures
Downing Ventures is an evergreen fund investing in seed to Series A companies, with the possibility of follow-on investments. It invests in a variety of technology sectors including consumer internet and mobile, enterprise software, financial technology and health technology. The fund has a portfolio of around 45 companies as of October 2018. Downing Ventures work alongside a number of investment partners and accelerator programmes and incubators, including the London Co-Investment Fund.