Omnisient, a Cape Town-based start-up that specialises in safe data-sharing for enterprises, has raised $1.4 million (R19 million), as it strives to extend its global reach. This represents the second round of funding for the start-up, following receiving pre-Series A funding from a trio of investors — Nedbank, Investec and Compass Venture Capital — last March.
Investors who participated in the latest funding round are Technova, Grand Bay Ventures, Tahseen Consulting and Kepple Africa Ventures.
“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,” says CEO Jon Jacobson.
The funds will be used to grow Omnisient’s workforce, accelerate product development, and expand internationally, according to the company. The startup’s international expansion focus is on the US, UK and the Middle East.
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Why The Investors Invested
“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,” notes Grand Bay Ventures’ Shane Rogel. “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.”
A Look At What The Startup
Founded in 2014 by Job Jacobson, Omnisient enables businesses to innovate and grow profitability though data sharing. A team of data experts, including data scientists and engineers, built Omnisient’s secure data collaboration platform. The company’s patented technology allows businesses to cooperate with other businesses to overlay shared, de-identified customer assets without revealing personal information. It’s seen as a viable answer in a market that’s eager for data but concerned about compliance.
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“Companies are increasingly sophisticated in how they approach customer insights,” notes Omnisient chief revenue officer Anton Grutzmacher. “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.”
According to Gartner statistics, firms that support data sharing are more likely to beat their counterparts on most business value metrics, which is something that companies all over the world want 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,” he concludes
Charles Rapulu Udoh
Charles Rapulu Udoh is a Lagos-based lawyer who has advised startups across Africa on issues such as startup funding (Venture Capital, Debt financing, private equity, angel investing etc), taxation, strategies, etc. He also has special focus on the protection of business or brands’ intellectual property rights ( such as trademark, patent or design) across Africa and other foreign jurisdictions.
He is well versed on issues of ESG (sustainability), media and entertainment law, corporate finance and governance.
He is also an award-winning writer