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InfoSum raises $65M in a Series B funding round led by Chrysalis Investments to accelerate hiring, expand into other markets and develop its platform
InfoSum, a decentralized platform provider to help enterprises deliver better privacy-driven customer experiences, has raised $65 million in a Series B funding from Chrysalis Investments to build the next generation of data collaboration, a press release from the company said.
The Series A funding for InfoSum came in September last year, where it netted $15 million. With the close of Series B, the total amount raised by the company has touched about $90 million. InfoSum, launched commercially in 2019, provides a data collaboration platform that connects customer records between and amongst companies, without moving or sharing data.
InfoSum calls its approach the non-movement of data and aims to power a privacy-driven, safe data collaboration with a customer-centric approach that enables companies to unlock the full potential of their data.
Brian Lesser, chairman and CEO of InfoSum, stated that the technology that enables companies to safely and securely compare customer data is entering a new phase, driven by privacy-conscious consumers and companies focused on value and control.
Companies are looking for solutions to help resolve the existing friction and inefficiencies around data collaboration, and InfoSum is the company to drive this growth forwardBrian Lesser, chairman and CEO of InfoSum
InfoSum revealed that its revenue tripled and employees had doubled since its Series A investment. The company also entered into new markets and signed over 50 customers. It said that the proceeds from the Series B funding would be used to accelerate hiring across every aspect of the business, expand into new regions, and further the development of its platform.
Richard Watts, portfolio manager at Chrysalis Investments, who would also join the InfoSum Board, expressed delight at partnering with InfoSum and its team.
InfoSum exhibits one of the fastest scale-up revenue streams we have come across in the software space and, we believe, addresses a significant market opportunity in a digitalized world. We are delighted to be partnering with InfoSum and look forward to working with Brian Lesser, Nick Halstead, and the rest of the InfoSum team to deliver on the possibilities of the technologyRichard Watts, portfolio manager at Chrysalis Investments