Privacy technology firm MyLife Digital has secured £5.7 million to facilitate the international expansion of its personal data management platform.
The Bath-based company offers an enterprise Software-as-a-Service (SaaS) solution designed to assist businesses in managing challenges associated with personal data. This platform, launched in late 2017, aims to enhance trust and engagement through increased transparency. Currently, the Consentric platform boasts six million registered users, aiding organisations in reducing data misuse, fostering new service innovation, putting users in control, and generating trusted access to higher quality and more timely data.
An additional £3 million investment from Business Growth Fund, following an initial £2 million investment in 2016, and a £2.7 million venture debt facility from Barclays, have bolstered MyLife Digital’s financial position. Chairman Bruce Finnamore stated, “With this further funding we now have the capital to accomplish our international ambitions and grow MyLife Digital to £120m turnover within three years.” He further elaborated that the investment will enhance the Consentric platform’s capabilities and extend the company’s global partner footprint and client reach. “Our aim is to be the world’s leading company in providing a trusted, safe, and secure platform for personal data,” he noted.
James Austin from Business Growth Fund, and a board director at MyLife Digital, expressed confidence in the company’s growth potential, remarking, “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.” He emphasized that the new investment would enable accelerated growth through international markets, multi-national clients, and further international partners.
The significant funding boost positions MyLife Digital to pursue its ambitious growth targets, promising enhanced capabilities and a broader global footprint in the personal data management sector over the next three years.
