EIB support global fight against crime
The announcement comes off the back of a record year for Siren. The firm reported 162% revenue growth, it achieved its first patent with four additional pending, established a brand new headquarters in the Galway Innovation District and was acknowledged in the Deloitte Technology Fast 50 as one of the fastest growing companies in Ireland.
In the same period, Siren signed several partnerships to bring a more complete suite of intelligence sources to its customers and differentiate itself in the marketplace as a single search experience across all third party data. The new data partnerships provide commercial risk intelligence, open source intelligence (OSINT), dark web intelligence and cyber threat intelligence. In addition, Siren launched Siren Consulting, a new strategic and applied projects unit of the company.
Data For Good
Siren provides an advanced intelligence platform to law enforcement agencies and organisations responsible for maintaining public safety around the world. Siren allows investigators to make complex searches, organise the results visually and create advanced reports to share findings with their teams. The platform is also used by large Corporations to protect their assets and networks against fraud and cyber threats.
Siren has partnered with US based non-profit organisations like the Anti-Human Trafficking Intelligence Initiative (ATII) and the National Child Protection Task Force (NCPTF) who use its patented technology to solve complex intelligence problems, identify traffickers and reduce human trafficking.
“It’s a real milestone that Siren has been endorsed by the European Investment Bank and we are very grateful. 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 organisations with access to our unique technology,” said John Randles, CEO of Siren.
“The European Investment Bank is committed to supporting cybersecurity innovation and accelerating development of cutting-edge technology to improve security of citizens around the world. The EUR 12 million 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.
This latest funding will further support the development of the Siren platform at the new global R&D centre in Galway, to increase headcount by 50% over the next two years, to elevate the Siren brand and to market Siren capabilities to a wider global audience. Crucially, it will enable Siren to provide increased value for clients specifically in cyber threat intelligence, operational monitoring, financial crime, and law enforcement and intelligence. In 2019, Siren received $10 million in Series A funding led by Atlantic Bridge.
The Demand for Investigative Intelligence
The 2022 INTERPOL Global Crime Trend Summary Report found that the five types of crime it monitors globally have either endured or escalated, notably through the global pandemic and continue to pose a serious threat to the security and well-being of public and private entities and actors, from government agencies and corporate businesses to individual citizens. According to the FBI, the number of murders rose in 2021 nearly 30% from in 2020, the largest single-year increase ever recorded in the U.S.
In addition to these violent crime trends, synthetic narcotics trafficking syndicates are continuing to expand the scale and scope of their operations. This trend is most acute in the Five Eyes nations of the United States, United Kingdom, Australia, Canada and New Zealand. Given the deliberately decompartmentalized and highly networked nature of these syndicates, Siren’s multi-domain data aggregation and network graph generation capabilities are essential for investigators.
Siren enables organisations to close cases faster by accelerating investigations with easier access to previously unconnected data. Organisations can visualise, analyse and subsequently disseminate a more precise set of data relationships at machine speed and scale.
About European Investment Bank
The EIB works closely with other EU institutions to foster European integration, promote the development of the EU and support EU policies in over 160 countries around the world. Through EIB Global, set up in 2022 to increase the impact of our development finance, we help address global challenges and create growth and opportunity in all continents. Over the last decade the EIB has provided more than EUR 8 billion for long-term investment across Ireland, including education, energy, transport, social housing, healthcare, agriculture and water projects, as well as investment by small business and corporate research and development.
Siren is a complete investigation solution, safeguarding people, assets and networks. Siren combines data from open source, vendor and classified sources allowing analysts and investigators to analyse risks, threats and crimes for the National Security, Public Safety, Fraud and Compliance, and Cyber Threat communities. Siren’s patented technology is uniquely search based providing the user with easy to use search, analytics, visualisation and reporting capabilities for investigations on all data types at all scales of data volume.
In November 2022, Siren was included in the Deloitte Technology Fast 50. Siren was named as a Gartner Cool Vendor in an Analytics and Data Science Report in 2020. For more information, visit www.siren.io.
The European Investment Bank (EIB) is the long-term lending institution of the European Union owned by its Member States. It makes long-term finance available for sound investment in order to contribute towards EU policy goals.