DataStreamX raises US$365K to expand real-time data marketplace
By Digital News Asia March 9, 2015
- Goldmine of information being generated, but ‘Asia is a black hole of data’
- Beefing up sales and technical teams to help companies monetise their data assets
SINGAPORE-based startup DataStreamX, an online marketplace for real-time data, said it has raised S$500,000 (US$365,000) from private investors.
The company is beefing up on its sales and technical teams to support the growth of companies which are looking to monetise their data assets, and those who are looking to get access to them, it said in a statement.
“Asia is a black hole of data, there’s a goldmine of information being generated but there isn’t an organised method of distribution,” said Mike Davie, who said he founded DataStreamX in early 2014 after observing the “inefficient accessibility of data and distribution.”
DataStreamX allows organisations to monetise their real-time data by streaming it through the startup’s information trading platform.
Companies, which may otherwise have little opportunity to communicate and share, can leverage on each other’s real-time data sets on DataStreamX, it added.
“Singapore is leading the Smart Nation wave in the region, but there’s still a lot to be done to make commercial data accessible across industries and countries for their own improvement,” said Davie (pic), a former Samsung employee who worked on next-generation mobile and telecommunication technologies.
“DataStreamX was founded on the vision that the world is moving towards real-time data processing. Big companies are creating this data, and people want it,” he added.
DataStreamX recently graduated from the JFDI.Asia accelerator programme, and has started live trials with potential customers.
It has also signed on to help kickstart government agency IDA’s (the Infocomm Development Authority of Singapore) data-as-a-service pilot programme, which makes datasets in the private sector easily available to customers.
The next step for DataStreamX is to expand its team in the region to capitalise on the growing number of companies looking to monetise their data.
“The world is moving towards a truly fluid data economy, and we are looking for the brightest minds to help us expand our platform to service it,” said Davie.
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