Banking and insurance data management platform InfoSum has bagged $5m for its seed funding round.
Commitments to the round came from Upfront Venturesâ€™ Mark Suster, IA Venturesâ€™ Roger Ehrenburg, LocalGlobeâ€™s Saul Klein, and Mosaic Venturesâ€™ Mike Chalfen.
Founded in 2015, InfoSum helps companies gain access to a wealth of data which is normally out of their reach. The data is anonymised at its source and is then available for collaborations with other businesses to help broaden knowledge on customers.
UK-based InfoSum, which is GDPR compliant, collects data from banks and insurance providers and pools it into a visual and API interface. The offering, which doesnâ€™t give data out to third parties, is built on a decentralised technology and uses AI capabilities.
The new equity will be used to help build InfoSumâ€™s senior management team and help launch the companyâ€™s first products to market.
InfoSum founder and CEO Nick Halstead said, â€œThe 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.â€
With this latest capital the company has raised a total of $8m, having previously received $3m, early last year from investors at Upfront Ventures and IA Ventures.
The company has also named former Aimia global product strategy vice president Nicola Walker as its new COO.
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