Qantas, NAB and Westpac have all taken a piece of Sydney tech startup Data Republic as part of the company’s Series A round worth $10.5 million.
All three of the new investors will become strategic partners for Data Republic, which enables companies and government organisations to exchange data in a secure environment.
The investment is Qantas’ first in a tech startup, and also the first by NAB ventures, the bank’s VC fund which was established last year.
Westpac has already been working with Data Republic, whose office is located in the same building as the Westpac-backed Stone and Chalk startup space, to help develop the “world’s first” data banking service.
Data Republic says they’re hoping the new funds will enable them to expand into the USA later this year.
Paul McCarney, cofounder and CEO of Data Republic, said, “With this important investor support, we can continue to help businesses unlock the value of their data and drive more relevant products and services, but in a way which prioritises customer privacy.
“There’s enormous social and business productivity benefits to opening up data for exchange, but the privacy, security and rights of the consumer have to come first.”
The company was founded in 2014 and officially launched last year. On top of secure data exchange, it enables clients to easily monetise their data assets by working through regulatory compliance, data security issues and commercial sensitivity.