A data technology firm is to scale worldwide after securing £47 million in funding.
InfoSum, described as the world’s leading data collaboration platform, helps the likes of ITV and Channel 4 gain insight into their data without causing a breach.
Its approach to customer data collaboration, termed the ‘non-movement of data’, has been validated by leading businesses increasingly focused on privacy, security and the creation of owned customer identity platforms.
Founded in London and now co-headquartered in the US, the company’s Series B round was financed by Chrysalis Investments and brings the total raised to $90m since inception in 2016.
Since the closing of InfoSum’s Series A in September 2020, the company has tripled its revenue, doubled its employee base, entered into multiple new markets, and signed more than fifty new customers.
It will use the new funds to accelerate hiring across every aspect of the business, expand into new regions, and further the development of its platform.
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“The technology that enables companies to safely and securely compare customer data is thankfully entering a new phase, driven by privacy-conscious consumers and companies focused on value and control. InfoSum is proud to be leading the way,” said Brian Lesser, chairman and CEO.
“Companies are looking for solutions to help resolve the existing friction and inefficiencies around data collaboration, and InfoSum is the company to drive this growth forward.”
Nick Halstead, founder and CTO, added: “InfoSum recognised early on the need for new technology in data privacy.
“Now as the market leader in data collaboration, this investment from Chrysalis allows us to accelerate the development of our unique infrastructure and expand its innovative capabilities into new arenas.”
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As a result of the investment, Chrysalis Investment’s Richard Watts will be added to the InfoSum board.
He said: ‘InfoSum exhibits one of the fastest scale-up revenue streams we have come across in the software space, and, we believe, addresses a significant market opportunity in a digitalised world.
“We are delighted to be partnering with InfoSum and look forward to working with Brian Lesser, Nick Halstead, and the rest of the InfoSum team to deliver on the possibilities of the technology.”