MyLife Digital, the data analytics firm behind Wood for Trees and Insight Analysis, has secured a further £6m in funding from the Business Growth Fund to support the international roll out of its personal data management platform, Consentric.
BGF made its first investment in the business in 2016, when it handed over £2m in funds in a move which saw James Austin, who is an investor at the venture capital firm, join MyLife Digital’s board.
Austin said the new investment demonstrates BGF’s confidence in MyLife Digital position in the personal data management space. He added: “They have already grown quickly through the capital provided with the initial funding. This new investment enables them to accelerate their growth into international markets, through multi-national clients and further international partners.”
Consentric is a cloud-based GDPR solution designed to help organisations manage the challenges around personal data, with the aim of enabling them to build greater trust and engagement through data transparency with customers.
It is claimed that the platform can manage all six lawful bases for processing personal data across organisations and through every customer touchpoint. It also adds value by reducing data misuse, enabling new service innovation based on data sharing, putting users in control, and generating trusted access to more, higher quality and more timely data from individuals as a result.
The Consentric platform already has 6 million registered users and a partner community building on its open API to unlock and deliver its capabilities to users. MyLife Digital partners include Salesforce, Experian and REaD Group.
MyLife Digital chairman Bruce Finnamore said: “We have built on the initial investment by BGF and the founders to grow from a start-up into an established company. With this further funding we now have the capital to accomplish our international ambitions and grow MyLife Digital to £120m turnover within three years. The latest investment will enable us to pursue our mission by further enhancing the capability of the Consentric platform, and to extend our partner footprint and client reach globally. Our aim is to be the world’s leading company in providing a trusted, safe and secure platform for personal data.”
BGF is one of the UK’s biggest venture capitalist investment funds and is backed by the the likes of Barclays, HSBC, Lloyds, RBS and Standard Chartered. The organisation also invested £6m in London digital agency Zone and appointed Rainey Kelly Campbell Roalfe co-founder Jim Kelly as non-executive director.
The loan will be backed by a guarantee from the European Investment Fund (EIF) and has been enabled by the InnovFin initiative with financial backing from the EU’s Horizon 2020 programme.
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