Investors back Omnisient in $ 1.4 million raise to fuel Africa, MENA and global expansion
Omnisient, a secure data exchange and collaboration platform which enables companies to improve data-driven decision-making, has secured $1.4 million in a pre-Series A round led by Investec, Nedbank, and Compass with participation from Tahseen Consulting and Technova from the United Arab Emirates.
The funding will be used to expand Omnisient’s team, accelerate product development and international expansion.
“With the growth of digital economies and pandemic-accelerated digital transformation, companies are becoming much more savvy in how they use data. This is true in Africa and globally. Companies are getting much more sophisticated in how they use data as an asset to derive deeper customer insights that drive incremental sales from microtargeting customers. Omnisient’s technology is world-class, and we see significant opportunities not just in Africa’s booming digital economy but also in Europe, US, and MENA where data has made it to the top of the agenda of business leaders,” said Wes Schwalje, Chief Operating Officer of Tahseen Consulting.
With booming digital economies on the cusp of breakout growth, many African countries are in the process of passing, and more rigorously enforcing, personal data protection legislation. These growing digital economies are producing vast volumes of data which often overwhelm businesses and leave them struggling with how to comply with national data privacy regulations like South Africa's Protection of Personal Information Act and the European Union’s General Data Protection Regulation. To date, 27 African countries have either drafted, passed, or are in the process of approving data protection regulations.
Omniscient has established Africa’s first secure data exchange which enables data owners to upload and share anonymized data assets. Exchange users leverage this data to derive new consumer insights while respecting the personal data privacy of data owners. Omnisient’s proprietary AI and machine learning powered anonymization processes establishes trust between data exchange parties providing access to unique data sets for targeted marketing and product development.
Omnisient was founded by a team of data privacy, localization, and sovereignty experts who set out to reinvent how companies leverage data., Omnisient’s proprietary technology enables businesses to share anonymized, de-identified customer data without disclosing personal information to enable data and growth teams, business intelligence and analytics professionals, and data scientists to derive new insights about customers and target new audiences.
Omnisient’s technology is used by leading financial institutions, retailers, global technology companies, and healthcare providers in an increasing number of countries globally. While businesses benefit from deeper, actionable customer insights that reinforce loyalty, consumers benefit through more tailored services, products, and offers.