BEYOND ENCRYPTION Technologies, which develops software for protecting sensitive data, has raised €720,000 in second-round funding from a variety of sources including Enterprise Ireland and private investors.
The latest investment round follows the raising of about €300,000 early last year.
“We took a conservative view and we raised enough to get us through six months,” says Stephen McCormack, the chief executive officer of the Dublin company.
“We are expanding. We are talking to a number of individuals in Dubai and Oman about further investment.”
Beyond Encryption’s current revenues are “modest”, he says. The company expects to be profitable within the next 12 months, depending on how quickly it can tie up some deals with some large international defence contractors.
“We are starting to see sales come in and it puts us in a very strong position.”
The company has filed several patents for its technology in the US.
Other Encryption products usually rely on the user having to remember a password to unlock their data. The approach of Beyond Encryption is to have access controlled by an administrator so that the data is protected wherever it goes.
The company’s core product is available in three formats. The first is a hosted service for protecting up to 100 devices.
The second is aimed at organisations with in-house IT staff who can install and manage the software, and the third is a customised service aimed at very large enterprises or industry sectors with specific data protection needs.
“Our technology can go into a company with five employees or 5,000,” Mr McCormack adds.
Beyond Encryption has 10 employees and is planning to recruit a further two over the next three months.
The company recently added several information security experts to its management and advisory boards.
Stephen Northcutt, an internally renowned author on network design and security, is a company director.
Beyond Encryption’s advisory board now includes Dr Eric Cole, who has published more than 20 patents in IT security, Mike Poor, a published author and security instructor, and Brian Honan, an Irish information security expert.
