6th September 2018:
The Bank of Ireland Kernel Capital Early & Growth Stage Funds have invested €1.7M in Sytorus Ltd, this is in addition to simultaneous investment from Enterprise Ireland and private investors. Established by Dr. John Ghent (CEO), Mike Morrissey (COO) and Hugh Jones (CPO) in 2013, Sytorus’ flagship software ‘PrivacyEngine’ is a dynamic GDPR and Data Protection SAAS product. It provides end-to-end data protection solutions to corporate clients. The Company, with over 50 staff, is scaling rapidly and today has over 300 fee paying corporate clients worldwide. Sytorus has opened offices in Stockholm and London, and this latest investment will facilitate a new office to open in Frankfurt.
“GDPR represents the biggest overhaul of the world’s privacy rules since the birth of the internet. Kernel Capital are delighted to announce details of this significant investment which will drive the business to new frontiers and accelerate their growth into several new markets.”Orla Rimmington, Partner, Kernel Capital.
“At Sytorus we believe that data protection practitioners deserve the best tools to do their job. This investment from the Bank of Ireland Kernel Capital Growth Funds, Enterprise Ireland and our private investors will help us to deliver these tools to data protection leaders across the EU.”Dr. John Ghent, CEO, Sytorus.
“On behalf of the Bank of Ireland Kernel Capital Growth Funds, we are pleased to have supported Sytorus with their exciting and ambitious growth plans at a time when Data Protection Practitioners are looking for expert support and solutions.”Donal Duffy, Senior Director, Bank of Ireland Corporate Banking.
“A key focus for Enterprise Ireland is helping companies like Sytorus to start-up, innovate and scale internationally. Sytorus is a really great example of a highly innovative Irish company with global ambition operating in a high growth sector.”Peter Lennox, Development Advisor, Enterprise Ireland.
Data protection is a global $Bn market driven by legislation such as GDPR, which applies monetary sanctions of up to 4% of global turnover for breaches of the regulation. According to the Identity Theft Resource Centre, the number of US data breaches reported in 2017 hit a record high of 1,579 breaches, a 44.7% increase on the previous year.1 Similarly in Ireland, the number of complaints made to the Office of the Data Protection Commissioner (ODPC) rose by 79% in 2017.2
For further information please contact:
Helen Norris, Kernel Capital.
Notes to Editors
Sytorus are a Data Protection firm, working hands-on with clients to solve practical issues with privacy compliance. They focus specifically on privacy, as opposed to security, ensuring that clients are lawfully processing personal data in line with the General Data Protection Regulation (GDPR). Their primary solution is ‘PrivacyEngine’, an online SaaS tool which is designed to provide organisations with a complete capability, which ensures they are able to maintain compliance with the GDPR with a simple, but comprehensive, suite of functionality. This platform is designed by Data Protection practitioners, to take away the headache and complexity of compliance, and transform it into a clear set of actionable results which are evidence based. Sytorus do this by ensuring clients have everything they need in one place, including risk assessments, mandatory logs, documentation management, online training and real-time support from our experts.
About Kernel Capitalwww.kernel-capital.com
Kernel Capital is an independent manager of the Bank of Ireland Kernel Capital Venture Funds, comprising of €210m / £165m of funds raised through six separate venture capital funds in the years 2002, 2006, 2007, 2009, 2013 and 2015. These Funds are supported by Bank of Ireland, Invest NI, Enterprise Ireland, University of Limerick Foundation, NUI Galway Foundation and New York State Common Retirement Fund. Kernel Capital is actively investing through the Bank of Ireland Kernel Capital Growth Funds targeting deal size for Kernel Capital’s element in the region of €1m to €5m in the ROI and £0.5m to £2m in NI, either as sole investor or larger deal size in syndication. These 10 year Growth Funds were raised in 2013 and 2015 and invest in Northern Ireland and the Republic of Ireland respectively. Invest NI’s investment in the Bank of Ireland Kernel Capital Growth Fund is part financed by the European Regional Development Fund under the EU Investment for Growth and Jobs Programme 2014-2020. Kernel Capital is a MiFID regulated firm.