Cape Town-based “privacy-by-design” startup Omnisient has raised an undisclosed amount of funding from old and new investors to support its continued international expansion and further develop its platform.
Omnisient specialises in secure data-sharing for businesses. The startup’s platform enables businesses to unlock the benefits of data collaboration while protecting customers’ data privacy and intellectual property.
Since launch, the platform has gained major traction amongst South African businesses, including leading banks, insurers and retailers, and last year secured US$1.4 million in funding for global expansion.
Its latest round of funding, the amount of which is undisclosed, is led by Buffet Investments and KLT, and includes other investors such as One5, ENL, Investec, Nedbank, and the Shoprite Group, which makes its second minority investment in a South African tech startup this year.
“This round of investment will be used to support our continued geographic expansion, as well as the ongoing development of our platform into the world’s leading source of consumer intelligence that fully complies with global consumer privacy regulations,” said Jon Jacobson, co-founder and CEO of Omnisient.
Neil Schreuder, chief of strategy and innovation at ShopriteX, the Shoprite Group’s data and customer technology unit that has been working with Omnisient for the past year, said his firm was excited by local startups that are creating value for its customers and partner businesses, whilst having privacy at the core of their offering.
“As a data-rich organisation, this investment will enable us to deepen our knowledge and understanding of our customers and their needs so that we can continue to expand on the relevant services we offer them,” he said.
“The decision to invest in Omnisient is the result of a considered effort to invest, partner and collaborate with start-ups as we continue to create a smarter Shoprite while remaining resolute in our commitment to be Africa’s most accessible and affordable retailer.”