Data exchange startup Data Republic has been placed in voluntary administration after seven years and raising more than $30 million from prominent investors including ANZ, Westpac’s Reinventure, NAB Ventures, Singtel Innov8, Qantas Loyalty and Singapore Airlines.
Founded in Sydney by Paul McCarney and Danny Gilligan in 2014, the business had expanded to have offices in the US and Singapore, with around 60 staff. In February this year, the startup was reportedly looking for $21 million and $35m from institutional investors, but collapsed after failing to find the backing it needed.
Data Republic allows clients to securely exchange data and, in turn, more easily monetise data assets, dealing with issues such as data security, regulatory compliance and commercial sensitivity. It allows separate businesses to share data for better user insights without compromising individual customer information.
Its two key products are Data Sandbox, a secure analytics collaboration space, and Data Fusion Studio for collaborative customer analytics.
The startup raised $10.5 million in Series A in 2016 from Qantas Loyalty, NAB Ventures, and Reinventure, who also became strategic partners, then another $22 million in a Series B in 2018 led…