A new technology has launched which enables businesses to share insight without moving data.
Tech start-up InfoSum describes Link, its first product, as a ‘GDPR compliant data collaboration technology’.
It enables companies to gain joint knowledge from two different datasets without sharing or adapting source data.
Each company retains complete ownership and control of their data and results are only given in aggregate statistical format to protect the anonymity of individuals, making it respectful of customer privacy and GDPR compliant.
“Access to the data sets needed to fuel market defining products and services is cumbersome and riddled with technical challenges,” said InfoSum CEO and founder Nick Halstead.
“As a result, companies aren’t able to innovate as quickly as they would like or customers demand.
“With InfoSum Link we’re taking the first step on our journey to obliterate the data collaboration barriers so that every company is able to extract value from their data.
“The quicker a company can bring together internal knowledge or assess the value of sharing data with a second party, the faster it can derive insights in order to drive more consumer-centric products and services.”
No two datasets are the same but InfoSum can make them compatible through a normalisation system which automatically transforms data into standardised categories.
This process enables InfoSum Link to quickly generate a detailed report showing the joint information without the commercial, security and privacy risks associated with sharing data.
Prices for the software as a service product start from £50.
Founded in 2016, InfoSum announced in 2017 that it had added $5 million to its seed round, taking the total raised to date to $8m, with the latest investment focused on bringing the company’s products to market.