Monday 21 January 2019 12:28 am

Monica Vinader-backer Beringea leads £6.5m round for data startup Exonar

London-based venture capital firm Beringea has led a £6.5m funding round into UK data privacy and cybersecurity startup Exonar.

The round was completed by Beringea alongside Downing Ventures, and existing investors Amadeus Capital Partners and Winton Ventures.

Exonar aims to help firms comply with the EU’s General Data Protection Regulation and other legislation by creating an overview of all of their sensitive data, enabling businesses to create inventories and tackle compliance issues more readily and securely.

Beringea, which has $715m (£554.9m) under management across its UK and US offices, has previously backed companies such as luxury jewellery retailer Monica Vinader, and men’s fashion tech startup Thread.

Managing partner Stuart Veale said he had chosen to invest in the startup because of its leadership team, which claims years of experience from working at firms such as BT, Fujitsu and Symantec.

"These are exciting times for Exonar," said its chief executive Adrian Barrett.

"To receive significant backing from Beringea and Downing Ventures reinforces our belief that the Exonar platform has a significant role to play in enterprise-level data discovery and management. We have a clear vision for future development and the investment will enable us to further enhance our product, enabling our customers to meet current and future data demands such as GDPR and CCPA swiftly, simply and at scale."