Cape Town-based data collaboration startup that specialises in secure data sharing for businesses Omnisient has secured $1.4 million or R20 million in funding for global expansion.
Omnisient has created secure data exchange platform that ensures companies can protect personal information and intellectual property while sharing data internally or externally.
Since its launch, the platform has gained major traction amongst SA businesses, including leading banks, insurers and retailers.
The startup said the R20 million investment will be used to expand its team, accelerate product development, and drive international expansion.
“We have brought in visionary international investors – Technova, Grand Bay Ventures, Tahseen Consulting, and Kepple Africa Ventures – who will be key to supporting our expansion globally,” said Jon Jacobson, CEO of Omnisient.
“Investec, Nedbank, and Compass – Omnisient’s three original investors – led the round, reflecting their confidence in our ability to innovate and grow. The data economy is at the heart of the digital transformation that many of our customers embraced a couple of years back and this has been accelerated by the global pandemic. We see a huge and largely unaddressed market opportunity.”
The goal is to focus international expansion with the United States, UK, and the Middle East as key territories.
“Omnisient is a company with the potential to disrupt a global market. They have assembled a world-class team and are building a unique transformational data exchange and collaboration product,” said Shane Rogel, of Grand Bay Ventures.
“We are excited about the opportunity, in both South Africa and abroad, and have the utmost confidence in the team and their ability to deliver on their vision.”
The platform ensures organisations can derive meaningful insights from datasets without compromising personal information. It is a highly relevant solution in a market that is hungry for insights but focused on compliance.
“Companies are increasingly sophisticated in how they approach customer insights”, said Anton Grutzmacher, the company Chief Revenue Officer.
“They are also aware of the concerns that come with the use of this information and the need for compliance with global data privacy regulations such as the GDPR and POPIA”.
Omnisient’s platform was developed by a team of data experts that include data scientists and engineers. The company’s proprietary technology empowers organisations to partner (or collaborate) with other companies in overlaying shared, de-identified customer assets without disclosing personal information. This new concept of data virtualisation allows for organisations to enable business intelligence (BI) and analytics teams to unpack new insights and target new audiences while never physically sharing data.
“Omnisient has radically shifted how organisations innovate and grow their profits through data,” concludes Grutzmacher.
“According to Gartner, organisations that promote data sharing are more likely to outperform their peers on most business value metrics, and this is something that companies all over the world are keen to achieve. With the Omnisient platform, companies can enable collaborative marketing opportunities, launch new ventures and redefine customer metrics without impacting on privacy or compliance mandates.”
Omnisient’s technology is currently being used by leading financial institutions, retailers, and healthcare providers to drive deeper, more actionable customer insights that reinforce loyalty. Customers benefit from increasingly tailored products and offers while organisations benefit from improved engagement and stickiness.