Data Solver was founded in 2016 by an engineer and lawyer who came together to explore issues around data and develop a privacy management software that would address those issues and enable companies who employed it to demonstrate their compliance.
Over the last couple of years, Data Solver noticed a chasm that existed between the siloed legal and cyber security sides of GDPR compliance. Data Solver’s end-to-end solution helps bridge the gap between the two communities, however the company was struggling to find the right methodology that would allow it to go about developing an effective investment strategy that would pave the way to being able to target appropriate investors.
Recognising the potential of Data Solver and its cyber security solution, Digital Catapult invited the company to one of its Cyber 101 Demo Days. This allowed Data Solver to grasp the vital intricacies of the investment cycle and also provided the platform for panelists to ask vital questions about what investors it was talking to and why.
The resultant answers provided the company with a better and clearer understanding of how to go about developing an effective investment strategy. This in turn helped Data Solver make more informed decisions about how to effectively spend its time looking for investment, but at the same time, avoid getting sucked into the time-consuming funding cycle.
As a result of the Demo Day, Data Solver was not only able to walk away with the knowledge that allowed it to fully develop an effective investment strategy, but it was also able to start talking to four potential customers, many of which are currently utilising the system. In addition, the event provided the stage for the company to network with other cyber businesses, talk to them about risk factors and potential pitfalls and gain more exposure.
Off the back of their involvement in Cyber 101, Data Solver was able to develop a clear and concise investment strategy that helped it convince customers of the efficacy of their solution and gain more exposure. The latter helped it secure funding to the tune of £1.3 million and also develop a cyber cluster in Milton Keynes.
Is actively involved in developing a cyber cluster in Milton Keynes
Recently moved into its first offices, to accommodate more staff count and service new customers
Cyber 101 is a national programme running from January 2017 – March 2021 as part of DCMS funded activity to grow the UK’s cyber security sector and the capability of cyber security startups and scaleups. It is linked to the Develop strand of UK Government’s National Cyber Security Strategy, a series of activities that will be supported by £1.9bn public investment over the next five years. The programme is made up of a number of activities aimed at providing insights and actionable outputs – each of which are specifically targeted to meet the varying needs of cyber security startups and scaleups. It consists of Bootcamps that provide intensive one day workshops, deep-dives going into the real detail and challenges of core topics, as well as demo days that enable startups and scaleups to pitch their businesses to potential customers and investors.
The top three takeaways of working with Digital Catapult were the emphasis on the importance of networks, focus and the establishment of a clear understanding of an investment plan.Claire Banwell Spencer