- InfoSum is discovering novel ways to use data that is less complex and less susceptible to leakage.
- Brian Lesser, Founder and Former CEO of Xandr, is joining the organization as executive chairman.
Data privacy and protection have moved from niche genres to conventional, everyday problems in the past few years. Data security plays an important role in every organization. A start-up, InfoSum Ltd. constructed a novel way of swapping data, thus, keeping confidentiality in mind. First, the concept was applied to the ‘marketing industrial complex’ and later revealed a series of funding as it persists in speeding up the momentum.
InfoSum is a London-based start-up that introduced an enhanced way for enterprises to share their data without revealing private information. This was done using federated, decentralized architecture, which utilizes mathematical interpretations to organize, “read,” and query the data. The company recently raised about USD 15.1 million for its privacy-first, federated tactic to big data analytics.
InfoSum is finding novel ways to use data that is less complicated, less susceptible to leakage, and eventually devaluation.
The Series A is being co-led by IA Ventures and Upfront Ventures. Various approaches using InfoSum – AT and amp;T’s Xandr, Ascential, British broadcaster ITV, Akamai, and Experian are also contributing to the round. To date, the start-up has raised about USD 23 million.
Nicholas Halstead, the founder and CEO who formerly established and led another big data firm, DataSift, commented in an interview that they are planning to use the funding to expand the company, with a specific emphasis on the US market.
Brian Lesser, Founder and Former CEO of Xandr, is joining the organization as executive chairman. Lesser had initially led Xandr’s investment into InfoSum and earlier was on the board of this organization.
InfoSum came into the market some years back as CognitiveLogic. The company founder Nick Halstead discovered solutions to the challenges that were becoming progressively more important in how data was being utilized by businesses, and how newer data architecture simulations using data warehousing and cloud computing could assist resolve that.
“I knew there was huge potential for a new technology that makes customer data accessible in a privacy-safe way,” said Nick Halstead. “At InfoSum, we’ve spent two years building our decentralized platform and are now helping global organizations to perform analytics on customer data while keeping it secure and private.”
Later, Nick noticed that the trend only achieved momentum, driven by the growth of enterprises such as Snowflake that have disrupted the world of data warehousing and cookies went out of style. This is when federated architecture became more pervasive when used for identity management and other fields.
All of this implies that InfoSum’s solution at present may be targeted at martech, but it is something that affects several businesses. The company is planning for its expansion across other continents.
“We’ve done a lot of work to change the marketing industrial complex,” said Lesser, “but it’s bigger use cases are in areas like finance and healthcare.”
InfoSum is constructing a world of connected consumer data. The company is breaking down the privacy, trust, and governance impediments so that every organization can safely expand their consumer knowledge.