9 March, 2018
InfoSum’s First Product Touts Decentralized Big Data Insights
Nick Halstead’s new startup, InfoSum, is launching its first product today — moving one step closer to his founding vision of a data platform that can help businesses and organizations unlock insights from big data silos without compromising user privacy, data security or data protection law. So a pretty high bar then.
If the underlying tech lives up to the promises being made for it, the timing for this business looks very good indeed, with the European Union’s new General Data Protection Regulation (GDPR) mere months away from applying across the region — ushering in a new regime of eye-wateringly large penalties to incentivize data handling best practice.
InfoSum bills its approach to collaboration around personal data as fully GDPR compliant — because it says it doesn’t rely on sharing the actual raw data with any third parties.
Rather a mathematical model is used to make a statistical comparison, and the platform delivers aggregated — but still, says Halstead — useful insights. Though he says the regulatory angle is fortuitous, rather than the full inspiration for the product.
“Two years ago, I saw that the world definitely needed a different way to think about working on knowledge about people,” he tells TechCrunch. “Both for privacy [reasons] — there isn’t a week where we don’t see some kind of data breach… they happen all the time — but also privacy isn’t enough by itself. There has to be a commercial reason to change things.”