Omnisient Receives Minority Investment from Shoprite

Omnisient Receives Minority Investment from Shoprite

South African giant retail group, Shoprite, has made a small investment in Omnisient, a software startup in South Africa. The store participated in an unknown expansion round of funding for Omnisient, which was led by Buffet Investments and KLT, according to a statement.

The investment, which is a part of the group’s plan to increase the availability of its financial services in the nation, is the second minority investment it has made in a South African tech start-up this year. As part of its Money Market, the company just debuted its own full-featured transactional bank account.

Neil Schreuder, ShopriteX’s chief of strategy and innovation, noted that the company is inspired by local startups that are adding value for their clients and business partners while putting privacy at the center of what they provide.

“As a data-rich organisation, this investment will enable us to deepen our knowledge and understanding of our customers and their needs so that we can continue to expand on the relevant services we offer them,” Schreuder said.

Businesses may leverage consumption data to generate new revenue streams thanks to Omnisient’s secure, legal, and risk-free platform. The company bills itself as the first provider of a data collaboration platform in Africa that protects user privacy. Customers’ data is always anonymized and protected by the group’s bank-grade encryption technology. Additionally, we never divulge any personally identifiable information.

By partnering with Omnisient, Shoprite says it will be able to leverage client data to better comprehend and spot chances to give its consumers more value and increase financial inclusion.

Shoprite recently announced that it is adopting a plan to digitize its business and enhance efficiency by utilizing artificial intelligence (AI) to attempt and create better client experiences, expanding on its tech-driven menu of services. The group claimed to be adopting a practical approach to creating new technologies for use in the retail industry, emphasizing that it has an emphasis on “iterative and re-usable innovation” and that it is not necessarily trying to reinvent the wheel.

“The decision to invest in Omnisient is the result of a considered effort to invest, partner and collaborate with start-ups as we continue to create a smarter Shoprite while remaining resolute in our commitment to be Africa’s most accessible and affordable retailer,” Schreuder added.

“This round of investment will be used to support our continued geographic expansion, as well as the ongoing development of our platform into the world’s leading source of consumer intelligence that fully complies with global consumer privacy regulations,” concludes Jon Jacobson, co-founder and CEO of Omnisient.