Today is an exciting day for InfoSum. Less than a year since closing our Series A, we are announcing a $65 million Series B, financed by Chrysalis Investments.
The past year has been a challenge and presented innumerable hurdles for so many industries. Like so many businesses, InfoSum has been fully remote since March 2020. The team adapted brilliantly to the virtual world, and as a result, we’ve experienced rapid growth across all areas of the business, culminating in today’s announcement.
Accelerated by the pandemic, the world is increasingly moving online; from shopping and content consumption, to managing and tracking our health and finances, the digital future is upon us. The result is more consumer data being created than ever before. The companies that collect and control that data have limitless opportunities open to them. The most effective way to unlock and enhance those opportunities is through data collaboration.
Running concurrently with this trend has been an increase in consumer awareness of how their data is being collected and used and a heightened wariness of how this impacts their privacy. Regular stories of data leakage, hacks, and misuse, multiple documentaries on Netflix, and customer-centric companies like Apple making privacy a cornerstone of their marketing, have all contributed to this increase in awareness.
This means that any company that relies upon the use of data to drive their businesses forward must look at how they are connecting and collaborating across that data, and ensure they are acting in the best interest of their customers.
The days of sharing and centralizing huge troves of customer data are behind us. This process is bad not only for consumers, as it puts their privacy at risk, but also for businesses. For data-driven companies, commingling customer data results in a loss of control and a decrease in value. Centralizing data with partners or competitors also dramatically compromises its security. Customer-centric companies are now embracing data collaboration technology that allows them to connect their data both internally and externally, without moving or sharing it.
This reinvention of data collaboration is empowering companies to reclaim their data, create new and exciting products and services, and deliver richer data-driven customer experiences. I’m proud that InfoSum is the driving force behind this.
This transition to a privacy-first world has resulted in phenomenal growth for InfoSum. Since joining the board of InfoSum in April 2020, the team has more than doubled. Now as Chairman and CEO, I expect to welcome our 100th team member by the end of September. Commercially, we’ve also gone from strength to strength. Our client numbers have grown by an average of 60% quarter on quarter, and revenue by an average of 197%.
So what does this latest investment mean for InfoSum? We’re taking InfoSum to new regions and new industries. We’re investing in the team and the technology. We’re taking data collaboration mainstream!
We’ll accelerate our already rapid growth. We’ve successfully transformed data collaboration in the media industry, but we’re also seeing demand for our ‘non-movement of data’ technology across other industries. We have clients in gaming, healthcare, financial services, and retail. This additional funding will enable us to further penetrate those industries and others.
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, so stay tuned!
Of course, you don’t get to this point without an amazing team around you. We’ll be using this additional funding to invest in the existing team and to grow every aspect of the business. The past year has been a challenge for us all, and I’ve never been prouder to lead such a phenomenal team. Every member of our team has stepped up and helped drive us to this point.
We’ve worked with so many incredible companies over the last year. Some we’ve announced, some are still to be announced. I’d like to personally thank every company that’s joined us on our journey to reinvent data collaboration for the privacy age.
I’d like to thank our investors and advisors who believe in the InfoSum vision as strongly as I do, particularly Richard Watts and the entire team at Chrysalis. I look forward to welcoming Richard to the InfoSum board and working with him on the next stage of the InfoSum journey.
Finally, I’d like to thank InfoSum’s founder, Nick Halstead. When I first met Nick in a London pub in 2019 I was curious to determine if the InfoSum technology could truly do what I had heard - data collaboration with zero data movement. Within a few minutes, it became clear that Nick and the team at InfoSum were about to change the data world forever. Nick talked about his vision to connect the world’s data without sharing it, enabling companies to unlock the limitless potential of their data. Thank you to Nick for setting this vision for InfoSum, and entrusting me to help realize that vision.