Castlepoint Systems secures $A3M funding

Canberra-headquartered AI compliance software specialist, Castlepoint Systems, has successfully completed a $A3 million Series A led by Main Sequence, Australia’s deep tech investment fund created by CSIRO. Existing investors IxTx also contributed to the funding round.

Powered by AI, Castlepoint automatically discovers, classifies, and controls every document, email, chat message, database, or webpage in an organisation’s network, regardless of its location or format, identifying rogue data and potential compliance risks based on regulatory rules and reporting.

Founded in 2018 by Rachael Greaves and Gavin McKay, both sector experts in records management, auditing, security, and compliance technology, Castlepoint has rapidly grown to a workforce of 23.  The company has more than 25 live implementations helping regulated organisations protect and retain information using its Data Castle approach.

“The traditional models for managing information do not work well anymore,” said Rachael Greaves, Castlepoint CEO and Co-Founder.

“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.”

Castlepoint claims to solve the persistent problem of information regulation and control, when traditional technology such as electronic document and record management systems are failing. The company says demand continues to grow as organisations, public and private, grapple with masses of electronic data across an increasing range of systems, and the associated regulatory, audit and security responsibilities that come with the management of that data.

“We’re delighted to welcome Main Sequence to Castlepoint as we set the company on its course for further global expansion,” said Greaves.

“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.”

Mike Zimmerman, Partner at Main Sequence, 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," he added.

Castlepoint states its Data Castle approach offers a new paradigm for information and records management to achieve full coverage of information records without user, administrator or system impact.