Singtel Innov8 leads $16m round for Australia's Data Republic
Singtel Innov8, the venture arm of Singapore telecom giant SingTel, has led a A$22 million ($16.2 million) Series B round for Australian cybersecurity technology company Data Republic.
Other participants include Ryder Capital, Qualgro, Singapore Airlines, ANZ Banking Group, and Reinventure, the VC unit of Australia’s Westpac Banking Corp. The capital will be used to accelerate a Singapore expansion.
“Data intelligence gives businesses a competitive advantage and data sharing is increasingly recognized as a critical way for enterprises to extend their breadth and depth of market insights,” Edgar Hardless, CEO of Singtel Innov8, said in a statement. “Data Republic is helping to ensure that such data sharing is conducted in a safe, secure and compliant manner.”
Established in 2014, Data Republic offers a security-focused data exchange platform that leverages the rise in data traffic between companies and governments. The technology is used to analyze and provide strategic insights into user behavior. The company has partnered with Westpac to develop bank-grade security infrastructure that is said to be the world's first data banking service.
Previous investment in the company includes a A$10.5 million Series A in 2016 from Reinventure, Qantas, and NAB Ventures, a unit of National Australia Bank. Data Republic claims to service an ecosystem of more than 200 organizations including banks, retailers, state governments, and airlines via offices in Sydney, Singapore, and Los Angeles.
Singtel has demonstrated substantial interest in cybersecurity, having estalibhsed a dedicated sector-focused school known as the Cyber Security Institute in 2016, including a 10,000-square-foot training facility. Earlier this year, Singtel Innov8 teamed up with NUS Enterprise, a start-up program under National University of Singapore, to launch a cybersecurity incubator.
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