Transatlantic venture capital investor, Beringea, has announced that it has led a £6.5m investment in Exonar, a data discovery and management software firm.

Downing Ventures, the early stage investor, has also participated in the round alongside existing investors, Amadeus Capital Partners and Winton Ventures.

Enterprises are facing a fundamental change in the way they process and store information. An exponential increase in data volume means organisations must find new ways to understand the risk as well as the opportunities in their data.

Exonar discovers an organisation’s most sensitive, valuable and personal information. By simply plugging Exonar into a network, the company claims that an instant view of all structured and unstructured data is provided, enabling the creation of inventories, security of sensitive data and regulatory compliance.

Data discovery technology is proving vital to businesses that can easily hold petabytes of data across their entire information estate. The significant growth of data value has led to industry analysts estimating that the global data governance software market will grow 22 per cent annually over the next five years to a value of $3.5bn by 2023.

Adrian Barrett, CEO and Founder, commented: “These are exciting times for Exonar. 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.”