XOR Data Exchange, an Austin, Texas-based data analytics company, secured $4.2m in Series A funding.
The round was led by Fenway Summer Ventures with participation from existing investors Chicago Ventures and KGC Capital.
The funds will enable the company, which has to-date focused on the financial services and communications industries, to expand to other sectors.
Founded in 2014 and led by CEO Mike Cook, XOR provides a patent-pending data platform that enables companies to participate in cross-industry sharing of information in support of fraud and credit risk, compliance, authentication and marketing initiatives.
Exchange members maintain ownership over their data, including who is allowed access and how much can be shared. In return for sharing data, exchange members gain access to the information provided by other exchange members, for example, to better identify fraud and credit risks in new financial services or telecommunications account openings.