Nick Halstead, founder and CEO of InfoSum
The Basingstoke-based tech firm has raised a further £3.7m, taking its total raised to date to £6m.
InfoSum has added £3.7m to its seed funding, with Saul Klein (LocalGlobe), and Mike Chalfen (Mosaic Ventures) joining its existing investors.
The additional investment will be used to build the company’s senior management team and bring the company’s first products to market.
InfoSum’s goal is to equip every company with the ability to unlock the commercial potential of thousands of siloed datasets sitting in numerous companies.
In doing so it will give every organisation access to the same breadth and depth of data currently considered to be the privilege of today’s super brands.
Through InfoSum, businesses will be able to unlock the value of their data so that they too can launch market-defining innovations.
Companies wishing to collaborate have, to date, lacked the ability to do so securely and in a way that protects the integrity of their information.
Built on decentralised technology, InfoSum will help companies to broaden their understanding of their customers’ lives.
Nick Halstead, founder and CEO of InfoSum, said: “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, a partner at LocalGlobe, added: “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.”
The company was founded by Nick Halstead in 2015 following his departure from human intelligence company DataSift, which has raised in excess of US$70m and formed strategic partnerships with Facebook and LinkedIn.
Before founding DataSift, Halstead developed tweetmeme and the Retweet button which was acquired by Twitter.
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