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Data protection start-up ExactTrak is to plough a £475,000 private funding round into channel development as it seeks to build new routes to market for its mobile workforce data protection solution, Security Guardian.
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Speaking to MicroScope, company founder and MD Norman Shaw said the firm had purposely avoided instituational investment from major finance houses and instead focused on "high net worth individuals, all of whom have been involed in the technology sector ... and who can make a positive contribution to the company".
These include long-term IT investor Viscount Bearsted, former UBS man Simon Thorpe, former Rhetorik CEO Richard Foskett, and former Becrypt CEO Dave Holman.
Three years in development, the Security Guardian product is a USB storage device, which feeds back information over mobile phone networks to a management console hosted in Fujitsu's Global Cloud Platform, producing a verifiable, legally compliant data audit trail that ExactTrak hopes could alleviate the threat of ICO data loss fines.
Should the device be lost or stolen, it can be turned on or off, permanently wiped, or even physically destroyed, through the console or by SMS from an authorised number.
Shaw is hoping to track down security partners keen to add a mobile data protection component to a managed services offering; partners can either manage customer data themselves or sell access to the portal on a contract basis. Either way, he said, the product should provide a recurring revenue stream.
"The investment is wholly for channel development," he said. "We still have some technology R&D going on, but it's really about getting us out into the marketplace with a core cohort, a mixture of small resellers and larger SIs. What we particularly need to develop is the smaller niche resellers."
Shaw added that with EU data protection regulation set to force substantial change to UK security laws in the near future, the firm was anticipating strong demand in verticals such as financial services, legal, pharmaceuticals and public sector.