DataStreamX, an online marketplace for real-time data streams, has raised S$650,000 (US$450,000) in pre Series A round of funding led by Wavemaker Partners, a strategic incubator partner of the National Research Foundation under its Technology Incubation Scheme.
Singapore’s seed accelerator JFDI, besides an unnamed angel investor have also participated in the round.
The company will use the latest financing to support research and development into automation tools to help businesses create, evaluate and distribute data products.
“The buying and selling of data is a complex process,” said Mike Davie, Founder and CEO of DataStreamX. “Many businesses in Asia want to monetise the data they collect but lack the expertise, infrastructure and resources to do so. We’re here to facilitate this process with technology that helps businesses commercialise their data easily.”
Since its launch in 2014, DataStreamX has worked with over 400 businesses to monetise data through its online platform which serves as a marketplace for buyers and sellers of commercial data. Businesses from any industry including oil and gas, shipping and finance can list commercial data products for sale on the platform.
“One of our clients achieved an Annual Recurring Revenue of S$300,000 (US$210,000) on our platform which is significant because this is a new revenue stream that they had no prior exposure to before,” said Davie. “We have proven that businesses are able to monetise their data using our platform. Now it is time to expand our reach.”
“Our goal is to make it easy for businesses to monetise their data. Our new automation tools will reduce the time and expertise needed to bring data products into the market. To help businesses get on board, our consulting team can assist to identify high-value data segments and recommend data monetisation strategies that they can implement,” said said Mike Davie, Founder and CEO of DataStreamX.
According to Paul Santos, Managing Partner of Wavemaker Partners, many businesses in Singapore are going through a digital transformation and are exploring new ways to monetise their data. “DataStreamX is addressing a significant unmet need for a stable, secure and reliable platform for businesses to transact data. As we help businesses participate in the data economy, we’re moving Singapore closer towards establishing itself as a Smart Nation and as the leader where global organisations transaction data.”
DataStreamX has earlier raised US$370,000 in seed funding from private investors in March last year.
Image Credit: DataStreamX