Peter Burke, enterprise minister, has announced that Binarii Labs, a data security solution developer, has secured an investment of €400,000 from Enterprise Ireland in High Potential Start-Up (HPSU) match funding, bringing to €3m the total raised by the company to date.
The company, which was founded in 2021, has also announced that it plans to create more than 100 jobs in Ireland by 2027, and has already created more than 20 roles in recent months. The new jobs will include roles in specialist deep tech research and development, data security, tech and customer support, marketing and business development.
Patented data security platform
With the funding raised to date and the planned new jobs, Binarii Labs, headquartered at NovaUCD in Dublin, is focused on growing the international market for BinariiDSP, the company’s proprietary and patented data security platform.
Peter Burke, enterprise minister, said: “I want to commend the team at Binarii Labs on its recent successful funding round. I know that Binarii Labs has significant growth plans to enhance its impressive offering and scale its talented team. Data security is at the top of businesses’ agendas here in Ireland and further afield and Binarii Labs is providing tangible solutions to enable enterprises to securely store and share their data.”
BinariiDSP enables enterprises of any size, to protect, own and control their data and stakeholders’ data. It enables any enterprise to securely store and share their data whereby they retain sovereign ownership through 100% ownership and control instead of having to trust it to a third-party data storage provider.
The company’s research and development activity encompasses a wide range of deep tech areas such as Blockchain, Distributed Ledger Technology, and Artificial Intelligence to deliver secure, trustworthy data protection solution to any type of internet user, enterprise or individual.
Binarii Labs is focused on developing innovative, proprietary solutions in data security, and the funding secured to date will enable the Binarii Labs team to continue to be heavily engaged in further R&D and new markets development, as it globally commercialises its proprietary solutions.
Binarii Labs which was founded by founded by Steven Garner, Nigel Carter, Aidan Finn and Ciarán McNamee, was originally headquartered in Co Kildare with the support of the Local Enterprise Office.
Aidan Finn, CEO and co-founder, Binarii Labs, said: “We are delighted to have secured funding from Enterprise Ireland, which along with funding raised from EIT Digital, angels and an oversubscribed Spark Crowdfunding campaign, is allowing us to announce significant jobs creation plans over the next few years as part of our international market growth strategy.
“Our mission is to enable enterprises, especially SMEs to take back 100% control, ownership and secure custody of all of their own and their stakeholders’ data, whilst providing unrivalled and indisputable transparency around any data securing and secure data sharing actions such that no trust is ultimately required on anyone’s side.
‘Go to’ solution
“We aspire to become a global leader in enabling data security, privacy, and sovereignty through providing a cost effective and fair means of charging based on volume of use and seeing BinariiDSP become the ‘go to’ solution for any business to seamlessly integrate, so much so that their users would not even know.”
Donnchadh Cullinan, head of ICT HPSU at Enterprise Ireland, said: “At Enterprise Ireland we are acutely aware of the cyber security challenges that face the global business world and have been proud to support Binarii Labs on their scaling journey.
“The company has made great progress in a short space of time to develop innovative proprietary solutions in data security. We are delighted to support Binarii Labs with €400,000 in HPSU funding which will help the company to deliver accelerated growth across global markets, support key R&D initiatives, and create more than 100 new jobs.”
