Galway-based cybersecurity firm Siren has secured €12m in funding from the European Investment Bank (EIB). The company said the investment will be used to further support the development of the Siren platform at its new global R&D center in Galway and to increase headcount by 50% over the next two years.

In the last year, the firm reported 162% revenue growth and established a new headquarters in the Galway Innovation District.

The Siren platform is used by large corporations to protect their assets and networks against fraud and cyber threats.

The company also provides an advanced intelligence platform to law enforcement agencies allowing investigators to make complex searches, organize the results visually and create advanced reports to share findings with their teams.

“It’s a real milestone that Siren has been endorsed by the European Investment Bank and we are very grateful,” said John Randles, CEO of Siren.

“For a company at Siren’s stage of growth, access to funding of this magnitude will fuel our rapid expansion plans and allow us to provide many more organizations with access to our unique technology,” Mr. Randles said.

The European Investment Bank said it is committed to supporting cybersecurity innovation and cutting-edge technology.

“The €12m backing for Siren will enhance analysis and investigation of data to combat human trafficking, strengthen law enforcement and tackle fraud,” said Kris Peeters, European Investment Bank Vice President.

News Source: RTE