Exonar, the world leading data indexing and discovery platform, has today announced that it has secured further funding from Downing Ventures, Beringea, Winton Ventures, and angel investors. The continued backing of its investors reflects building momentum as Exonar taps into the vast and growing need for enterprises to map, index, analyse and protect the data that they hold.
The digital transformation of the global economy is creating greater volumes of data than many businesses can currently manage. 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, commented: “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.”
“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.
Stuart Veale, Managing Partner of Beringea and Board Director of Exonar, commented: “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.”
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Exonar is the world-leading data indexing company providing the crucial software organisations need to discover their data at scale, keep it safe and realise its value. Every company faces the same problem; not knowing what data they’ve got, and where it is at all times. Exonar is the only software available today able to find and reveal billions of items of structured and unstructured data and information; enabling businesses to truly know their data in order to reduce risk, uncover business value and deliver digital transformation. Backed by Beringea, Amadeus Capital Partners, Winton Ventures and Downing Ventures, Exonar boasts a growing list of large and well-recognised customers in sectors including pharmaceuticals, financial services and national infrastructure.
About Downing Ventures
Downing Ventures is an evergreen fund investing in seed to Series A companies, with the possibility of follow-on investments. We invest in a variety of technology sectors including Healthcare, Deep Tech and Enterprise. We have a portfolio of 71 companies as of September 2020. We work alongside a number of investment partners and accelerator programmes and incubators, including the London Co-Investment Fund. www.downingventures.com
Beringea is a transatlantic venture capital investor that seeks to create lasting success for rapidly scaling entrepreneurial companies. It currently manages over $700m in funds and more than 60 portfolio companies across the U.K., Europe and North America.
With offices in London and Detroit, it provides patient capital and a global footprint to back founders throughout their journey, helping them overcome barriers to scale and build international success stories.
Its track record of three decades of successful investing across sectors including retail, software, media and artificial intelligence has inspired its own entrepreneurial ethos; cultivated an exceptional community of entrepreneurs and investors; and fostered the experience required to create substantial businesses and deliver value for shareholders in its funds.