Siren will invest in the development of its investigative intelligence platform and its geographic reach following receipt of $10 million in Series A funding. John Randles, CEO at the Galway, Ireland based company, says the focus will be on the platform’s ease of use, integration and sources of data that can be managed. Siren’s geographic sights are set on expansion in the US.
Siren works predominantly in the fields of financial crime, cyber security and law enforcement, bringing together technologies including AI, knowledge graphs, entity resolution, natural language processing and predictive analytics in a single user interface to deliver augmented analytics. It describes its approach to investigative intelligence as a platform rather than a solution – solutions in the financial sector such as anti-money laundering (AML) and Know Your Customer (KYC) are provided by third-party vendor applications using the platform – allowing a wide variety of users to tap into its ability to manage complex data coming from a range of sources such as data lakes, semantic models, fuzzy matching, unstructured data and investments in big data.
Randles says: “Demand for investigative intelligence and large-scale interconnected data analysis is constantly accelerating. Our platform enables this in real-time, at scale. We focus on large investigative problems that need answers to questions quickly. In the data management world and where data quality is needed, the platform performs particularly well across diverse datasets.” An example of this is increasing interest among financial institutions to look at customer counterparty data across diverse datasets and investigate each counterparty’s risk, including risk of non-compliance with AML and KYC rules.
The Series A funding follows seed funding of $4 million that was raised in 2018. Investors this time around include Atlantic Bridge, DVI Equity Partners, which puts Bob Griffin, a veteran of intelligence and law enforcement software, on the board, Frontline Ventures and Enterprise Ireland. Griffin comments: “We believe Siren is a pioneer in a market that is about to explode. We are pleased to support its ongoing success and become part of a journey that will see investigative intelligence technologies shape the future direction of law enforcement, cyber security and financial fraud.”