A data analytics company which helps organisations to be transparent with the data they hold on individuals has secured a £2 million investment from the Business Growth Fund.
The funding will help Wiltshire-based MyLife Digital accelerate the roll-out of its digital platform.
The platform will enable organisations to become compliant with the GDPR data protection regulation due to come into force in 2018.
MyLife Digital’s goal is to connect organisations and individuals to allow the consensual sharing of personal and professional data.
John Hall, CEO at MyLife Digital, said: “People recognise the value of their personal data but they also have concerns around privacy.
“They are more likely to engage with organisations if they feel in control of how their data is being used and know that they are genuinely benefiting from an organisation being able to analyse that data.
“It’s about re-establishing trust, which has been eroded in recent years, between organisations and the individuals they serve.
“It’s an exciting time and BGF’s investment will really help us accelerate our growth and development in this new space.”
The platform will initially be deployed into the not-for-profit, sport, healthcare and government sectors, enabling patients, donors, supporters and athletes to have an open and mutually beneficial relationship based on informed consent.
The BGF, which manages capital of up to £2.5 billion, is backed by Barclays, HSBC, Lloyds, RBS and Standard Chartered.
A lecturer in project management at the University of Liverpool told BusinessCloud that UK businesses should look across the Atlantic when it comes to adopting Big Data.