MyLife Digital, a UK-based privacy technology and data analytics company, has raised around £5.7m in fresh funding.
BGF has made a £3m investment in the company, adding to the £2m in initially invested in 2016. Barclays has also supported MyLife Digital’s growth ambitions with a £2.7m venture debt facility. With the new money onboard, the company intends to fund to internally roll out of its personal data management platform.
MyLife Digital provides Consentric, an enterprise Software-as-a-Service (SaaS) solution helping organisations manage the challenges around personal data. The company claims the data management platform adds value by reducing data misuse, enabling new service innovation based on data sharing, putting users in control, and generating trusted access to more, ‘higher quality and more timely’ data from individuals as a result.
Bruce Finnamore, chairman of MyLife Digital, said, “We have built on the initial investment by BGF and the Founders to grow from a start-up into an established company. With this further funding we now have the capital to accomplish our international ambitions and grow MyLife Digital to £120m turnover within three years.
“The latest investment will enable us to pursue our mission by further enhancing the capability of the Consentric platform, and to extend our partner footprint and client reach globally. Our aim is to be the world’s leading company in providing a trusted, safe and secure platform for personal data.”
The Consentric platform already has six million registered individuals, with MyLife’s current partners including the Salesforce ecosystem, Experian and the REaD Group.
Following the implementation of GDPR earlier this year, all organisations must ensure they hold personal data both securely and strictly in accordance with the consent granted by the individual concerned or another lawful basis that has been documented and communicated to them.
With this in mind, Consentric can provide a comprehensive and compliant record of processing activity for personal and special category data. The software manages both the 5Ws and the 6Ls(6 Lawful Bases) under GDPR legislation according to the company.
James Austin from BGF and board director of MyLife Digital, added, “Our additional investment demonstrates our confidence in MyLife Digital as an exciting technology company in the personal data management space. They have already grown quickly through the capital provided with the initial funding. This new investment enables them to accelerate their growth into international markets, through multi-national clients and further international partners.”
Copyright © 2018 RegTech Analyst
Copyright © 2018 RegTech Analyst
