Data Republic, a platform for securely transferring data between organisations, has raised $22m in its Series B.
The capital injection was led by Singtel Innov8, the venture capital fund of Singapore-based telecommunication company Singtel Group. Other contributions came from Singaporean entities including Singapore Airlines and Qualgro
ANZ, Reinventure and Ryder Innovation Fun, which have previously invested into Data Republic, also contributed to the new series funding.
Australia-headquartered Data Republic is an inter-organisational data sharing solution which boosts sharing among organisations without risking customer privacy or data security. Through the platform, companies can share data across internal and external projects, build new data partnerships, access cloud analytics and ensure data privacy compliance.
The solution is used by financial services in a range of ways, including risk modelling, personalisation, product innovation, and compliance with regulations like GDPR and Open Banking.
Its senate solution is used by banks, governments, insurers, retails and other players, across Australia, Singapore and the US.
Data Republic co-founder Danny Gilligan said, “As markets around the world struggle with regulatory trade-offs between privacy and innovation, we are proud to be delivering data sharing infrastructure which proves it’s possible to deliver higher levels of data driven innovation while at the same time increasing the privacy and security controls in data.”
Earlier in the year, ANZ Banking Group invested into Data Republic alongside the formation of a new partnership to support compliance with open banking regulations. The agreement provides ANZ with access to more data to build deeper customer insights.
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