Sytorus, a Dublin-based business providing data protection services, has raised €1m in fresh funding from Kernel Capital, to add to the €700,000 previously provided by the VC. Simultaneous funding investments were also secured from Enterprise Ireland and private investors.
Enterprise Ireland invested €250,000 in Sytorus in 2017, in addition to a previous funding allocation of €250,000. Private investors last year also put €65,000 into Sytorus.
Sytorus was founded in 2013 and employs 50 staff. Its flagship software, Privacy Engine, is a cloud-based GDPR and data protection product. The firm has offices in Stockholm and London as well as in Dublin, and will use the latest investment to open an office in Frankfurt.
Sytorus booked a loss of €88,000 in 2016, according to its most recent CRO filings. Year-end cash amounted to €549,000 and the company predicted monthly losses for most of 2017, before achieving profitability this year.
John Ghent, co-founder and CEO of Sytorus, said that data protection practitioners deserve the best tools to do their job. “This investment […] will help us deliver these tools to data protection leaders across the EU,” he added.
In Association with
Photo (l-r): Helen Norris, Kernel Capital; Dr. John Ghent; Peter Lennox, Enterprise Ireland and Donal Duffy, Bank of Ireland
