Start-up Omnisient scores multimillion-rand funding
Omnisient, a Cape Town-based start-up that specialises in secure data-sharing for businesses, has raised $1.4 million (R19 million), as it looks to expand its global footprint.
This marks the second round of funding for the start-up, after landing pre-Series A funding from a trio of investors – Nedbank, Investec and Compass Venture Capital – last March.
For the latest funding round, Omnisient reveals it has brought in international investors – Technova, Grand Bay Ventures, Tahseen Consulting and Kepple Africa Ventures− which it notes will be a “key” addition to supporting its global expansion.
“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 start-up explains that the investments will be used to expand the Omnisient team, accelerate product development and drive international expansion.
Ultimately, the goal is to focus on international expansion, with the US, UK and Middle East as key territories, it states.
“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.”
Omnisient’s secure data collaboration platform was developed by a team of data experts that includes 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.
It is regarded as a relevant solution in a market that’s hungry for insights, but focused on compliance.
“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.”
Grutzmacher points out that data from Gartner shows 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,” he concludes.