Data exchange platform InfoSum banks $65Mn in Series B funding

InfoSum, a New York-based startup that offers decentralized platform for secure data exchanging, has successfully closed a $65 million Series B funding round directed by Chrysalis Investments, bringing the company's total raised funding to $90 million.

Lauren Wetzel, InfoSum’s President, North America, Global Strategy and Operations, stated this latest funding would be used to double the company's size of engineering team, expand into new regions, and grow sales and customer operations.

As per credible source, approximately 50% of the big organizations will implement privacy-enhancing data computation techniques by 2025. Furthermore, 80% of data is predicted to remain in companies by 2025, with the global data economy valued at $3 trillion.

Launched in 2019, Infosum is a data-sharing platform that leverages "privacy-first technology" to connect consumer information with firms without disclosing any data.

As per Wetzel, Infosum can operate in real-time and permit quick querying for optimum results, hastening processes that usually slow go-to-market. In addition, InfoSum has capitalized on an unclear legal landscape and rising consumer consciousness on data privacy to deliver software to ensure that consumer data is managed safely.

Customers can create new identity connectivity in as little as two to three weeks, much faster than the normal industry standard.

InfoSum, which competes with Opaque, Cape Privacy, TripleBlind, Enveil, Duality Technologies, and others, was founded by Nick Halstead to connect the world's data without ever sharing it.

The company's first use cases started in data "clean room" solutions, data onboarding, and brands working directly with publishers. Since then, InfoSum has evolved to incorporate internal use cases such as linking different databases inside an organization and data cooperatives such as retail media networks.

Additionally, InfoSum now employs 80 employees and plans to expand it to 140 by 2022, with offices in the United States, the United Kingdom, and Germany.

Source Credit - https://venturebeat.com/2021/08/17/secure-data-sharing-platform-infosum-nabs-65m/