Data tech start-up InfoSum raises $5m
Founded by the man who invented the retweet button, this latest injection of seed capital takes InfoSum's total amount of funding to £8m
Data tech start-up InfoSum has raised $5m in its latest seed funding round, taking its total amount of funding to $8m.
Backed by Saul Klein of LocalGlobe and Mike Chalfen of Mosaic Ventures, existing investors include Mark Suster of Upfront Ventures and Roger Ehrenberg of IA Ventures.
Aiming to arm every business with the ability to unlock the commercial potential of thousands of siloed datasets sitting in numerous compnies, InfoSum looks to level the playing field by giving smaller businesses access to the same depth of data, currently reserved for ‘super brands’, so they can help disrupt their chose market.
Previously, businesses who have wished to collaborate have often lacked the ability to do so in a secure manner that protects the integrity of their information, while also complying with data regulation laws.
Built on decentralised technology, distributed data is anonymised at source, eliminating privacy risks as the data is not pooled or shared with third parties.
Users can then discover new dimensions of data whilst meeting all data protection regulations, including the GDPR.
The additional investment will be used to build the company’s senior management team and bring the company’s first products to market.
Founded in 2015 by Nick Halstead, the serial entrepreneur previously founded human intelligence company DataSift, who raised in excess of $70m and formed strategic partnerships with the likes of Facebook and LinkedIn before his departure.
Prior to DataSift, Halstead developed tweetmeme and the retweet button which was acquired by Twitter.
As well as the injection of capital, InfoSum has announced the appointment of Nicola Walker as chief commercial officer.
Walker joins from Aimia Inc where she was VP of global product strategy. Most of her career has been spent in the development of consumer-driven marketing and she has also held roles at Nectar and Avois. Walker will report directly into CEO Halstead.
“The value of data is often held within more than one company, but sharing data is a precarious endeavour because it requires data to be centralised.
“This makes it vulnerable to all sorts of liabilities, including re-identification which is increasingly frowned upon by regulators around the globe. Decentralised technology will disrupt how companies share and collaborate on data, obliterating the competitive barriers currently in place.”
Saul Klein, partner at LocalGlobe, said:
“We all understand that data is extremely valuable in helping companies develop better, more sophisticated services. The challenge is that to unlock that potential, you’ve got to share it. The ability to collaborate with multiple data sources, whilst at the same time preserving its governance, security and consent, is very much the ‘holy grail’.
“The market opportunity is clear, combine that with the existing investors and the fact that Nick is one of the best minds globally when it comes to data, made getting involved a total no brainer.”
Mark Suster, managing partner at Upfront Ventures, said:
“I’ve invested in two of Nick’s companies over the past few years – he’s a world-class technical visionary and company builder.
“Data privacy is front and centre of international legislation and is on the desk of CEOs globally. InfoSum is poised to be a major solution to solve data privacy and cross-company distribution.”