DataCo Technologies, a new Australian startup born out of 1835i, the corporate venture capital and innovation partner to ANZ Bank, has launched a pioneering new technology platform to address how organisations safely test and realise the value of collaborating on data.
The DataCo Collaboration Platform allows organisations to connect and collaborate on customer data, leveraging the latest privacy enhancing and data protection technologies to remove the need for data to ever be directly shared.
“Through our experience trying to deliver data partnerships for large enterprises, we saw firsthand that organisations faced a number of key challenges, namely data risks, unclear value of partnership upfront, and staying responsive to evolving rules around consent”, said Danny Tyrrell, Co-Founder at DataCo Technologies. “These challenges, particularly concerning protecting consumer privacy and commercially sensitive data, have previously restricted data sharing for many organisations.”
Establishing data partnerships has in the past meant that organisations have had to take on either significant investment or risk before really understanding the value.
“We saw that the potential value that can be achieved through a data partnership is not always immediately clear, so we wanted to find a way for organisations to gain clarity before making any major investments,” said Mr Tyrrell.
The platform uniquely connects customer consent to secure enterprise data collaboration so that consumers and organisations are always in control of how their data is used, by who, and for what purpose.
“Consumers have become evermore aware of how their data is being used and consent regulations around the world have been rapidly evolving, moving to an expectation that customers should be always in control of their data. Ensuring data collaboration is being performed in line with the latest, active consents is something that is not possible for a number of organisations today, so this is something we are passionate about solving through the platform.”
The DataCo team initially set out to find a solution to deliver some specific data sharing use cases, however, none of the individual technology solutions found addressed the range of challenges that need to be resolved to deliver scalable and repeatable enterprise data partnerships. The DataCo Collaboration Platform was developed to fill this gap, combining a range of partner and proprietary technologies and capabilities to enable enterprise data collaboration end-to-end.
Developed inside the 1835i Creation Lab, DataCo Technologies officially launched the platform in April 2022 after twelve months development work.
“We’re thrilled to have been able to work with 1835i’s Business Creation Lab to launch this proposition. Accessing their tools and expertise has helped us to rapidly develop the platform and our business.”
Ron Spector, managing director of 1835i, added: “The goal of the 1835i Creation Lab is to design, build and launch impactful new digital ventures. The DataCo platform addresses some key problems for enterprises seeking to collaborate safely and securely and utilise data in a way which benefits consumers.”