InfoSum, a solution for data sharing, has raised an additional $5 million for its seed round, bringing the total round to $8 million, which will be invested in going to market.
New investors include Saul Klein of LocalGlobe and Mike Chalfen of Mosaic Ventures with existing investors Mark Suster of Upfront Ventures and Roger Ehrenberg of IA Ventures.
InfoSum has built a decentralised solution for securely collaborating on and sharing anonymised data while being compliant with regulations like GDPR.
Sharing data among companies is a “precarious endeavour because it requires data to be centralised,” said Nick Halstead, CEO of InfoSum (pictured), leaving it vulnerable.
“Decentralised technology will disrupt how companies share and collaborate on data, obliterating the competitive barriers currently in place,” he 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,” said Saul Klein, partner at LocalGlobe. “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 company also announced the appointment of Nicola Walker as chief commercial officer. She was previously VP of global product strategy at Amia.