South Africa’s Omnisient, a secure data collaboration platform, has secured US$1.4 million in funding for global expansion.
A Cape Town-based Privacy-by-Design startup, Omnisient specialises in secure data-sharing for businesses. The startup’s intersect.ai platform enables businesses to unlock the benefits of data collaboration while protecting customers’ data privacy and intellectual property.
Since launch, the platform has gained major traction amongst South African businesses, including leading banks, insurers and retailers, and last year it landed pre-Series A funding from Nedbank CIB, Investec and Compass Venture Capital.
It has now followed that up with a further US$1.4 million round, taking total investment to US$2.2 million so far. This round is again led by Nedbank, Investec and Compass Venture Capital, and also features Technova, Grand Bay Ventures, Tahseen Consulting, and Kepple Africa Ventures.
“The data economy is at the heart of the digital transformation that 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,” said Jon Jacobson, chief executive officer (CEO).
The investment will be used to expand the Omnisient team, accelerate product development and drive international expansion, initially in the United States (US), United Kingdom (UK), and the Middle East.
“Omnisient is a company with 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,” said Shane Rogel of Grand Bay Ventures. “We are excited about the opportunity, in both South Africa and abroad, and have the utmost confidence in the team and their ability to deliver on their vision.”