InfoSum, a startup in New York that provides a decentralized platform for secure data sharing, has completed a series B fundraising round with $65 million raised. The round was led by Chrysalis Investments.
To date, the startup has raised $90 million through fundraising. Lauren Wetzel, the president of InfoSum told the media the funds will be used to develop the size of its engineering team, grow sales and customer operations, and grow its service regions.
Founded in 2019 by Nick Halstead, InfoSum offers a data collaboration platform using “privacy-first technology” to connect customer records with companies without sharing any sensitive data.
According to Wetzel, the platform can operate in real-time and assists rapid querying for optimal results, boosting normally slow processes in the data mining world.
The company was founded with the vision to allow access to data without ever sharing it in its unabridged form. The company’s earliest use cases included data onboarding, data cleanroom solutions, and brands working directly with publishers.
Nick Halstead, Founder of InfoSum commented,
“InfoSum recognized 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.”
The platform has been expanding for internal use cases such as the connection of disparate databases in an enterprise, and data co-ops such as retail media networks.
InfoSum has attracted more than 60 financial service, retail, health care, gaming, and entertainment brands. Its clients use the platform to crunch internal data and better understand customers and plan customer experiences.
In addition, the platform also allows them to take advantage of data assets across multiple businesses for product and service development, creating so-called “privacy-first ecosystems”.
The company currently has 80 employees across its offices in the U.S., the U.K., and Germany and hopes to grow that number by next year.