Kernel invests €1.7m in Sytorus

Unquote understands that to finance this investment Kernel deployed capital from the Bank of Ireland Kernel Capital Seed & Early Stage Equity Fund, which closed in 2009, and from the Bank of Ireland Kernel Capital Growth Fund ROI, which closed in 2015. This vehicle invests equity tickets between €1-5m in startups based in the Republic of Ireland.

In addition to the investment deployed by Kernel, Enterprise Ireland and several private investors injected an undisclosed amount of capital in the company. 

Sytorus plans to use the fresh funding to expand further internationally, accelerate its growth into several new markets, and open a new office in Frankfurt.

Following the deal, Kernel partner Orla Rimmington will join the board of Sytorus to support the management in this new phase of expansion.

Company
Established in 2013, Sytorus specialises in data protection and privacy compliance. The company provides risk assessments, mandatory logs, documentation management, online training and real-time support to ensure that its clients are lawfully processing personal data in line with the General Data Protection Regulation. Sytorus's flagship product is a GDPR and data protection software-as-a-service called PrivacyEngine, which provides end-to-end data protection to corporate clients. Sytorus is headquartered in Dublin, has offices in Stockholm and London, and employs 50 staff. 

People
Kernel Capital – Orla Rimmington (partner).
Enterprise Ireland – Peter Lennox (development adviser).
Sytorus – John Ghent (CEO); Mike Morrissey (COO); Hugh Jones (CPO).

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• Topics
• Expansion
• UK / Ireland
• Technology
• Venture
• Ireland