Bath-based tech firm MyLife Digital is to roll out its innovative personal data platforms to international markets following a £6m investment.
The move puts the four-year-old firm, whose products help organisation manage and protect huge amounts of personal data, on target to grow its annual turnover to £120m within three years.
MyLife Digital’s world-leading Software-as-a-Service (SaaS) personal data platform Consentric, which it launched late last year, already has 6m registered individual users through blue-chip partners such as Experian and the REaD Group.
Earlier this year the MyLife Digital partner programme reached 50 organisations. Consentric has been approved by cloud computing giant Salesforce and accepted into the Salesforce ecosystem. It has also been accepted into the government’s G-Cloud 10 UK public sector procurement framework.
The platform helps organisations manage the challenges around personal data, enabling them to build greater trust and engagement through data transparency with the individuals they serve.
It also adds value by reducing data misuse and enabling new service innovation based on data sharing.
The £6m funding has come from specialist finance group BGF, which put in £3m to add to its initial £2m investment in MyLife Digital in 2016 and Barclays, via a £2.7m venture debt facility. The firm’s founding backers have also made further investments.
MyLife Digital chairman Bruce Finnamore said: “We have built on the initial investment by BGF and the founders to grow from a start-up into an established company. With this further funding we now have the capital to accomplish our international ambitions and grow MyLife Digital to £120m turnover within three years.
“The latest investment will enable us to pursue our mission by further enhancing the capability of the Consentric platform, and to extend our partner footprint and client reach globally. Our aim is to be the world’s leading company in providing a trusted, safe and secure platform for personal data.”
BGF investor and MyLife Digital director James Austin added: “Our additional investment demonstrates our confidence in MyLife Digital as an exciting technology company in the personal data management space.
“They have already grown quickly through the capital provided with the initial funding. This new investment enables them to accelerate their growth into international markets, through multi-national clients and further international partners.”
Barclays head of high growth & entrepreneurs Juliet Rogan said: “Barclays is the only bank to have a national high growth and entrepreneurs team and the venture debt facility provided reflects both the potential of MyLife Digital’s innovative business model and the strength of the management team. It also demonstrates Barclays’ commitment to backing high growth, innovative companies both in the South West and across the UK.”
Barclays’ loan will be backed by a guarantee from the European Investment Fund and has been enabled by the InnovFin initiative with financial backing from the EU’s Horizon 2020 programme.
