Shoprite Group, a South African store, has joined a group of investors led by Buffet Investments and KLT in an expansion round for Omnisient. Omnisient is Africa’s first data collaboration platform that protects privacy.
Omnisient says that its bank-grade encryption technology, which makes customer data anonymous, will allow businesses to use consumption data in a safe, legal, and risk-free way to create new revenue streams.
According to a press release, Shoprite can leverage customer data with Omnisient to understand its consumers better, uncover possibilities to generate more value for them, and increase their financial inclusion.
Neil Schreuder, Chief of Strategy and Innovation at ShopriteX, the data and customer technology unit of Shoprite Group, said, “We decided to invest in Omnisient as part of a plan to invest in, partner with, and work with start-ups as we continue to make Shoprite smarter and stay true to our goal of being Africa’s most accessible and affordable retailer.”
Jon Jacobson, CEO and co-founder of Omnisient, said, “This round of investment will be used to support our continued geographic expansion and our platform’s continued evolution into the world’s premier source of consumer intelligence that completely conforms with worldwide consumer privacy rules.”
In Omniscient’s investment round, One5, ENL, and early investors Investec and Nedbank came in as follow-on investors.