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.”
The commercial imperative he reckons he’s spied is around how “unmanageable” big data can become when it’s pooled for collaborative purposes.
Datasets invariably need a lot of cleaning up to make different databases align and overlap. And the process of cleaning and structuring data so it can be usefully compared can run to multiple weeks. Yet that effort has to be put in before you really know if it will be worth your while doing so.
That snag of time + effort is a major barrier preventing even large companies from doing more interesting things with their data holdings, argues Halstead.
So InfoSum’s first product — called Link — is intended to give businesses a glimpse of the “art of the possible”, as he puts it — in just a couple of hours, rather than the “nine, ten weeks” he says it might otherwise take them.
“I set myself a challenge… could I get through the barriers that companies have around privacy, security, and the commercial risks when they handle consumer data. And, more importantly, when they need to work with third parties or need to work across their corporation where they’ve got numbers of consumer data and they want to be able to look at that data and look at the combined knowledge across those.