CitizenMe, a London, UK-based ethical data company, raised £1.5m in funding.
Backers included the North East Venture Fund (NEVF), supported by the European Regional Development Fund and managed by Mercia, alongside funds from 1818 Capital and private investors.
The company intends to use the funds to to further develop its AI capabilities, and build its global presence starting with growing its presence in the US market.
Launched in 2018 by StJohn Deakins, CitizenMe provides an ethical alternative to the ad tracking techniques used by tech giants such as Facebook and Google. The platform was developed in response to concerns over current practices, where consumers’ data is collected via apps or website cookies and may be used by multiple companies for marketing purposes.
Using the company’s technology, customers agree to share their data in exchange for payment or other incentives. However the data is securely held on individuals’ smartphones and companies are not able to access their personal details directly.
CitizenMe currently employs ten staff at its headquarters in London and its newly-opened office in Newcastle, and is planning to create a further 20 jobs in the coming year.
As part of the investment Paul Zanker, an experienced banker who is Chief Transformation Officer with Macquarie Bank, has been appointed as Chair.