In the last several years, data protection and data privacy have gone from niche concerns to mainstream issues. It is necessary to thank new regulations and a cascade of costly breaches. The problems arise when information and data security are treated haphazardly.
A whole series of issues have also been thrown up for organizations in that swing. Business functions depend on sharing and exchanging data for work. While still keeping privacy in mind, a startup that has been built in a new way of exchanging data. It is started first by applying the concept to the marketing industrial complex. A round of funding as it continues to pick up momentum is also announced.
InfoSum is a London based startup that has built a way for organizations. To share the organization’s data without passing it on to each other. Mathematical representations are used in the way of a federated, decentralized architecture. To organize, read, and query the data. It has raised $15.1 million which has been announced.
According to founder and CEO Nick Halstead, Data may be the new oil but which just means it’s sticky and gets all over the place. It needs to be less messy, and less prone to leakage, and ultimately devaluation.
Upfront Ventures and IA Ventures are the ones which co-led the Series A. There is a various number of strategics using InfoSum. It includes Ascential, Akamai, Experian, British broadcaster ITV and AT&T’s Xandr. All of them are also participating in the round. $23 million to date has been raised by the startup.
Nicholas Halstead is the founder and CEO. He previously had founded and led another big data company, DataSift. DataSift is the startup that gained early fame as a middleman for Twitter’s firehose of data until Twitter called time on that relationship to push its business strategy. As per Nicholas Halstead, the plan is to use the funding to continue fueling its growth along with a specific focus on the U.S. market.
The problems to be solved using newer information architecture models using data warehousing and cloud computing. The opportunity for data collaboration in a more private way was visible as it enabled companies to work together when it came to customer data.