Signalit announces equity investment co-led by global software investors Insight Partners and Kibo Ventures

Receives a total of 11,6 million euros in financing

The funds will be used to complete the construction phase of the product and undertake its expansion throughout Europe and the United States during the last quarter of 2023.

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The software as a service (SaaS) startup signalit has announced an equity investment co-led by global software investors Insight Partners and Kibo Ventures, which represents a vote of confidence in the company's strategy and leadership. With additional support from a diverse group of investors, Signalit has received a total of €11,6 million in funding.

 

Signalit is the first SaaS startup that enables businesses to have complete control over their data, including real-time data analysis and orchestration, value enhancement through enrichment and correlation activities, and cost optimization. by reducing unnecessary data and redirecting it to the optimal platform for analysis or additional storage, using Edge Computing. 

 

The funds will be used to complete the construction phase of the product and undertake its expansion by Europe and the United States during the last quarter of 2023. The company is already working in beta mode with several large potential clients.

 

Signalit is founded and led by its CEO Pedro Castillo, who has also founded the Spanish cybersecurity unicorn I must in 2011 and was its CEO for 7 years. Today, Devo is the largest technology company of Spanish origin in cloud data analysis and security with large clients such as Manulife, FanDuel, Whirlpool and Hard Rock. When Castillo left the company to found Signalit, Devo was valued at $2 billion (about €1,87 billion, according to the latest valuation in July 2022). 

The experience gained during the Devo years and previously as a technology leader in Bankinter, drive Signalit's vision and mission to align organizations' need to eliminate noise and excess data, increase efficiency and reduce costs. 

 

The company aims to build a SaaS platform that allows companies to maintain complete governance over their data

 

The data orchestration market is currently valued at approximately $100 billion, with expected annual growth of 40%, leading to a valuation of $500 billion by 2028.

Pedro Castillo, founder and CEO of Signalit: “The innovation Signalit uses to deliver value is the result of many years of carefully listening to and understanding customer needs in the data analytics space. This has allowed us to develop a truly disruptive technology that will allow our clients to orchestrate, optimize, enrich and maximize the value of their data in real time.”