A UK company that provides an ethical alternative to the ad tracking techniques used by tech giants such as Facebook and Google has raised a £1.5 million investment to build its global presence.
CitizenMe has secured funding from the North East Venture Fund, supported by the European Regional Development Fund and managed by Mercia, alongside funds from 1818 Capital and private investors.
The platform was developed in response to concerns over current practices, where consumers’ data is collected via apps or website cookies and may be used by multiple companies for marketing purposes.
Using CitizenMe’s technology, customers agree to share their data in exchange for payment or other incentives. However the data is securely held on individuals’ smartphones and companies are not able to access their personal details directly.
CitizenMe is believed to be the only fully-functional platform of its type and has already completed more than 7.5 million data exchanges. The platform was launched in 2018 by StJohn Deakins, who has 30 years’ experience in technology firms.
The company currently employs 10 staff at its headquarters in London and its newly-opened office in Newcastle, and is planning to create a further 20 jobs in the coming year. The funding will also enable it to further develop its AI capabilities, and grow its presence in the US market.
As part of the investment Paul Zanker, an experienced banker who is chief transformation officer with Macquarie Bank, has been appointed as chair.
“CitizenMe enables people and brands to co-create better digital products and services. We are delighted that Mercia and 1818 share our belief in a sustainable digital future and our lead in the new Zero Data category,” said Deakins.
Thea Tebble of Mercia added: “Growing concern about the use of personal data is creating demand for a new type of customer data technology. CitizenMe offers a solution, enabling consumers to retain ownership of their personal data and companies to access it in an ethical way.
“The company is already ahead of the field and has huge potential for growth.”