Canberra-based communications compliance software startup Castlepoint Systems has raised a $3 million series A led by Main Sequence Ventures.
The CSIRO’s deep tech investment fund was joined by existing investor IxTx in the round.
Castlepoint’s software uses artificial intelligence to automatically discover, classify, and control documents, emails, chat messages, databases, or webpages in a company network to identify rogue data and potential compliance risks based on regulatory rules and reporting.
Wife and husband co-founders Rachael Greaves and Gavin McKay are experts in records management, auditing, security, and compliance technology and launched the business in 2018. It now has 23 staff.
Greaves, Castlepoint’s CEO, said organisations need a low-impact way to control data risk and value in the face of growing regulatory obligations.
“Every regulated organisation needs Castlepoint, so these funds will support our growth ambitions,” she said.
“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 companies are struggling to keep up with the vast amounts of digital information being created daily across their networks.
“The dramatic shift to remote working caused by the pandemic has only exacerbated the challenge,” he said.
“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,” he added.
Castlepoint’s software automatically registers every digital record regardless of its location or format and uses AI to classify it against laws such as secrecy provisions, privacy rules, and Records Authorities and apply appropriate lifecycle controls.