A data-sharing startup DataCo Technologies grew out of 1835i, the VC and innovation arm of ANZ Bank, to help business organizations test and realize the value of securely collaborating on data.
The DataCo collaboration platform enables organizations to connect and collaborate on customer data, leveraging the latest privacy-enhancing and data protection technologies to remove the need for data to ever be shared directly.
The concept was developed in the 1835i Creation Lab, which was launched in April this year after 12 months of development work.
DataCo Technologies co-founder Danny Tyrrell said his own his experience building data partnerships for large enterprises made him understand the many challenges involved organizations face, including data risks, being initially unclear about the value of partnership and responding to changing consent rules.
“These challenges, particularly with regard to protecting consumer privacy and commercially sensitive data, have previously limited data sharing for many organizations,” he said.
“We saw that the potential value that can be achieved through a data partnership is not always immediately apparent, so we wanted to find a way for organizations to gain clarity before making major investments.”
The DataCo team initially looked for a solution for some specific data sharing use cases, but none of the individual technology solutions found solved the set of challenges that need to be solved to build scalable and repeatable business data partnerships. to deliver.
Tyrrell said the platform uniquely connects customer consent with secure corporate data collaboration, so consumers and organizations are always in control of how their data is used, by whom, and for what purpose.
“Consumers have become increasingly aware of how their data is being used and consent rules around the world are evolving rapidly, creating the expectation that customers should always be in control of their data,” he said.
“Ensuring that data collaboration is performed in accordance with the latest active consents is something that is not possible for a number of organizations today, so this is something we are passionate about solving through the platform.”
tyrrell said: 1835i’s Business Creation Lab helped them develop the idea to launch this proposal.
“Access to their tools and expertise has helped us rapidly develop the platform and our business,” he said
1835i director Ron Spector said Creation Lab’s goal is to design, build and launch new digital ventures.
“The DataCo platform solves a number of important problems for enterprises looking to work together safely and securely and use data in a way that benefits consumers,” he said.
