The “privacy-by-design” business Omnisient, located in Cape Town, has secured an undisclosed sum of money from previous and new investors to support its ongoing global expansion and platform development.
Business secure data exchange is Omnisient’s area of expertise. The startup’s technology enables companies to reap the rewards of data cooperation while safeguarding client privacy and proprietary information.
Since its introduction, the platform has attracted significant interest from South African companies, including top banks, insurers, and retailers. Last year, US $1.4 million in investment for international development was acquired for the platform.
The Shoprite Group, which makes its second minority investment in a South African digital startup this year, is one of the investors in the newest round of funding for the company, the value of which is not disclosed. It is also headed by Buffet Investments and KLT.
“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.
The Shoprite Group’s data and customer technology unit, ShopriteX, which has been collaborating with Omnisient for the past year, is excited by local startups that are generating value for their customers and business partners while putting privacy at the center of their offerings, according to Neil Schreuder, the company’s chief of strategy and innovation.
“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 being Africa’s most accessible and affordable retailer.”