Data Republic, a Sydney-based secure data-sharing startup, has raised $22m in Series B funding which it will put toward increasing its presence in Singapore and the US.
The round of funding was led by a number of Singaporean and Australian investors, most notably Singtel Innov8, the corporate venture capital fund of communications group Singtel. Other notable investors include Singapore Airlines, ANZ, the Ryder Innovation Fund and a repeat investment from Singaporean venture capital fund Qualgro.
Its previous Series A funding round in 2016, following the launch of its 2015 beta service, raised $10.5m which it used to grow its SaaS enterprise solution and to build the infrastructure for sharing money securely as well as to get the first companies on board.
"Around 500 companies are participants in our overall ecosystem," said Data Republic co-founder Danny Gilligan. He added that Data Republic's next move will be to reach more partners and increase the level of activity between the existing ones, as well as expanding its services in the US and Southeast Asia.
Gilligan also noted that he believes that there is a "unique opportunity" in Singapore.
"There is demand there – it's a very sophisticated economy when it comes to data" he commented.