InfoSum, the data business which powers ITV’s addressable TV platform, Planet V, and has recently signed deals with Omnicom, Experian, REaD Group and Kantar, is eyeing global expansion after securing $65m (£47.3m) in funding.
Founded in London and now co-headquartered in the US, the company’s Series B round was financed by Chrysalis Investments and brings the total raised to $90m (£65.5m) since it was launched in 2016.
Since the closing of InfoSum’s Series A in September 2020, the company has tripled its revenue, doubled its employee base, entered into multiple new markets, and signed more than 50 new customers.
The InfoSum platform claims to be able to unlock the full potential of clients’ data by enabling collaboration between data-rich companies. Through a decentralised infrastructure, brands, media owners, data owners and other enterprise companies can connect data without ever sharing it.
InfoSum’s identity infrastructure allows companies to make third-party data available for companies to match their first-party customer data to interest and behavioural data. This, it insists, can help enrich their customer understanding. By removing the need to share any data, the privacy of the end consumer is protected, as is the security of each data set, InfoSum claims.
The company says it will use the new funds to accelerate growth. InfoSum has already made inroads into the media industry, with ITV, Channel 4, Global and the Telegraph, as well as gaming, healthcare, financial services, and retail clients. It says it is now seeing demand for its “non-movement of data” technology across other industries.
Chairman and CEO Brian Lesser said: “The technology that enables companies to safely and securely compare customer data is thankfully entering a new phase, driven by privacy-conscious consumers and companies focused on value and control. InfoSum is proud to be leading the way.
“Over the remainder of 2021, we will expand into new areas of North America and Europe, capitalizing on the success we’ve experienced in the US, UK, and Germany. As we move into 2022, we’ll be opening InfoSum offices in new continents that have been clamoring to get their hands on InfoSum’s data collaboration technology.
“We’ll use this funding to invest in our engineering, R&D, and product development initiatives. Our goal is to continuously challenge the status quo to provide clients with leading-edge solutions. We have some exciting new product features and enhancements to announce in the coming months.”
As a result of the investment, Chrysalis Investment’s Richard Watts will be added to the InfoSum board.
He said: “InfoSum exhibits one of the fastest scale-up revenue streams we have come across in the software space, and, we believe, addresses a significant market opportunity in a digitalised world.
“We are delighted to be partnering with InfoSum and look forward to working with Brian, Nick , and the rest of the InfoSum team to deliver on the possibilities of the technology.”
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