British data discovery startup Exonar has raised £6.5m in an early stage funding round led by venture capital firm Beringea.
Exonar was founded in 2013 and provides software that can offer a view of all structured and unstructured data on a network, helping firms to comply with data protection regulations such as GDPR.
It was launched by Adrian Barrett (pictured), who previously worked for Cisco and has since brought onboard executives from BT, Fujitsu, Veritas, Symantec and EMC.
Barrett said the investment would enable the company to continue developing its products, helping 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,” he added. “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, said: “Beringea has backed Exonar’s leadership and pioneering technology to create a cornerstone of data governance.”
Downing Ventures also played a major role in the funding round, in addition to existing investors Amadeus Capital Partners and Winton Ventures. James Lewis, Investment Director at Downing Ventures, said: “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.”