Exonar has secured further funding from Beringea, Downing Ventures, Winton Ventures, and angel investors to back the growing need for enterprises to map, index, analyse and protect the data that they hold.
In 2020, the World Economic Forum estimated that the amount of data stored worldwide would reach 44 zettabytes, meaning that the volume of data in the global economy would have increased tenfold since 2013.
This growth has also been accelerated by the rise in digital adoption during the pandemic. In the UK, it is estimated that adults now spend more than a quarter of their day online, creating a vast amount of data for companies to process. As a result, many companies struggle to make sense of the deluge of data that they collect. According to research by industry analysts at Forrester, between 60-73 per cent of data collected by enterprises sits dormant.
A primary problem for companies looking to manage and analyse the data that they hold is indexing and discovery. Exonar enables enterprises to rapidly map the information held throughout their organisation, creating an instant view of all structured, semi-structured and unstructured data, supporting the creation of inventories, security of sensitive data, regulatory compliance and ultimately data intelligence.
As the need for data indexing and discovery accelerates, the funding secured from its supportive investor base will enable Exonar to harness a substantial pipeline and further develop its market-leading product. Exonar is already used by enterprise leaders including Lloyds Banking Group, Arrow Global, global pharmaceutical firms and providers of national infrastructure.
Exonar has also recently appointed Danny Reeves, an experienced leader in software and data, as CEO. Danny brings more than 30 years’ experience in the field of information technology and in senior roles at technology-led businesses, including periods as CEO of Romonet CBRE, and as CIO at Balfour Beatty, the global engineering firm. Danny will provide leadership and expertise as Exonar enters an important phase of its scale-up journey.
Danny Reeves, CEO of Exonar, said: “Today every company on earth is a data company and the ability to see all data, in absolute detail, in one place, regardless of source and type, has been the one constant that has held us all back from maximising the true value of our data strategies, until now! I am delighted to be part of the Exonar Team, as we enable our customers to truly know and leverage their data, in ways previously not possible, on behalf of the people they serve.”
Stuart Veale, Managing Partner of Beringea and Board Director of Exonar, added: “The volume and complexity of data held by the modern enterprise means that indexing and discovery is now pivotal to digital strategy. Our backing of Exonar is testament to the strength of its technology and the scale of the market opportunity – under Danny’s leadership, the business has the potential to drive greater security and competitiveness for its growing roster of enterprise clients.”
“The Exonar management team intrinsically understand the data challenges of their customers as they themselves have come from CIO and CTO roles – this is crucial for enabling success. Exonar is delivering workable data strategies for their customers who have nothing but the highest praise for the work that is being done. In a world of ever-increasing data, Exonar is simplifying the road map of understanding it better and we’re delighted to work with them as they go from strength to strength,” adds Mike Kennedy, Portfolio Director at Downing Ventures.
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