Omnisient raises $1.4-million in second funding round to drive its international expansion
Omnisient, a South Africa startup that specializes in secure data sharing for businesses has recently announced the close of a $1.4 million funding round.
The startup revealed that the investment will be used to expand the Omnisient team, accelerate product development and drive its international expansion plans to the US, UK, and the Middle East.
The round was led by previous investors – Nedbank, Investec and Compass. Other investors in the round include Technova, Grand Bay Ventures, Tahseen Consulting, and Kepple Africa Ventures.
Jon Jacobson, co-founder and CEO of Omnisient, said the investment by the original investors reaffirms their confidence in the startup’s ability to grow and innovate.
The CEO explained that the startup has brought in more investors to help out in its international expansion plans.
“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… The data economy is at the heart of the digital transformation that so 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.”
Omnisient was founded in 2014 and reincorporated by Jon Jacobson and Anton Grutzmacher in 2019. The startup’s intersect.ai platform enables businesses to unlock the benefits of data collaboration while protecting customers’ data privacy and intellectual property.
Shane Rogel of Grand Bay Ventures commented that “Omnisient has 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,”
“We are excited about the opportunity, in both SA and abroad, and have the utmost confidence in the team and their ability to deliver on their vision.”
The platform ensures organizations derive meaningful insights from datasets without compromising personal information – a highly relevant solution in a market hungry for insights but focused on compliance. Customers benefit from increasingly tailored products and offers while organisations experience improved engagement.
“Companies are increasingly sophisticated in how they approach customer insights,” said CRO 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.”
Omnisient’s proprietary technology also allows organisations to collaborate with other entities to compare shared, de-identified customer assets without disclosing personal information. This concept – data virtualization – allows companies to enable business intelligence (BI) and analytics teams to unpack new insights and target new audiences, all without physically sharing data. Omnisient has radically shifted how organisations innovate and grow their profits through data,” concludes Grutzmacher.”
According to a report by Gartner, organizations 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.