InfoSum got its start several years ago as CognitiveLogic, founded at a time when Halstead was first starting to get his head around the problems that were becoming increasingly urgent in how data was being used by companies, and how newer information architecture models using data warehousing and cloud computing could help solve that. “I saw the opportunity for data collaboration in a more private way, helping enable companies to work together when it came to customer data,” he said.
InfoSum, a London startup that has built a way for organizations to share their data with each other without passing it on to each other — by way of a federated, decentralized architecture that uses mathematical representations to organise, “read” and query the data — is today announcing that it has raised $15. 1 million.
Today, a startup that has built a new way of exchanging data while still keeping privacy in mind — starting first by applying the concept to the “marketing industrial complex” — is announcing a round of funding as it continues to pick up momentum.
Nicholas Halstead, the founder and CEO who previously had founded and led another big data company, DataSift (the startup that gained early fame as a middleman for Twitter’s firehose of data, until Twitter called time on that relationship to push its own business strategy), said in an interview that the plan is to use the funding to continue fuelling its growth, with a specific focus on the US market.
In the interim, and since then, that trend, he noted, has only gained momentum, spurred by the rise of companies like Snowflake that have disrupted the world of data warehousing, cookies have started to increasingly go out of style (and some believe will disappear altogether over time), and the concept of federated architecture has become much more ubiquitous, applied to identity management and other areas.
Data may be the new oil, but according to founder and CEO Nick Halstead, that just means “it’s sticky and gets all over the place. ” That is to say, InfoSum is looking for a new way to use data that is less messy, and less prone to leakage, and ultimately devaluation.
Indeed, the decision to focus on marketing technology, he said, was partly because that is the industry that Halstead worked most closely with at DataSift, although the plan is to expand to other verticals as well. “We’ve done a lot of work to change the marketing industrial complex,” said Lesser, “but its bigger uses cases are in areas like finance and healthcare.