Wednesday, 09 June 2021 14:28

Castlepoint attracts $3 million in capital raising

Castlepoint CEO and co-founder Rachael Greaves, and co-founder Gavin McKay Castlepoint CEO and co-founder Rachael Greaves, and co-founder Gavin McKay

Canberra-based AI compliance software specialist Castlepoint Systems has successfully completed its $3 million series A funding round.

Castlepoint's series A round was led by Main Sequence, the investment fund created by CSIRO, and existing investor IxTx also participated.

Castlepoint uses AI to automatically discover, classify and control every document, email, chat message, database, or webpage within an organisation. It then identifies rogue data and warns of potential compliance.

There are already more than 25 live implementations of the product.

"The traditional models for managing information do not work well anymore," said Castlepoint CEO and co-founder Rachael Greaves.

"With growing data stores, increasing security risk, more diverse applications, and regulatory obligations and fines rising, organisations need a low-impact, high-coverage method of controlling data risk and value."

She added "We're delighted to welcome Main Sequence to Castlepoint as we set the company on its course for further global expansion.

"Every regulated organisation needs Castlepoint, so these funds will support our growth ambitions. This includes expanding our technical team to meet increased customer demand and developing strategic partnerships to boost sales. Both initiatives will accelerate delivery of our SaaS model to serve an even wider client base around the world."

Main Sequence partner Mike Zimmerman said "Organisations are struggling to keep up with the vast amounts of digital information being created across their networks each day, and the dramatic shift to remote working caused by the pandemic has only exacerbated the challenge.

"At the same time, compliance and privacy requirements are increasing and are now a Boardroom issue. Castlepoint's world-leading solution will help organisations of all types and sizes identify and reduce those risks, and we're excited to support Rachael and her team as they expand their product and customer footprint globally."

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Stephen Withers

Stephen Withers is one of Australia¹s most experienced IT journalists, having begun his career in the days of 8-bit 'microcomputers'. He covers the gamut from gadgets to enterprise systems. In previous lives he has been an academic, a systems programmer, an IT support manager, and an online services manager. Stephen holds an honours degree in Management Sciences and a PhD in Industrial and Business Studies.

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