Irish cybersecurity startup Binarii Labs has received €400,000 in match funding from Enterprise Ireland‘s High Potential Start-Up (HPSU) fund, bringing the firm’s total investment to €3m so far.
Binarii Labs, headquartered at NovaUCD in Dublin, was founded by the quartet of Steven Garner, Nigel Carter, Aidan Finn and Ciarán McNamee in 2021.
Originally based in Co. Kildare, it started a funding round in June of 2023 with the hopes of raising €900,000.
Binarii allows customers to retain and share their data without handing it to third parties for data storage, using its proprietary BinariiDSP platform. The firm employs a number of new technologies to bolster this platform, including aspects of the blockchain, distributed ledger technology and artificial intelligence (AI).
The group has plans to create over 100 new jobs in Ireland by 2027 across roles in deep tech research, data security and marketing management, as well as forward-facing customer service roles. It has created 20 current roles in recent months.
Aidan Finn, CEO and co-founder of 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.”
Minister for Enterprise, Trade and Employment Peter Burke added: “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.”
Photo: Peter Burke (second left) with the Binarii Labs team. (Pic: Nick Bradshaw)