AUSTIN, Texas--(BUSINESS WIRE)--XOR Data Exchange, a data analytics company that creates transparent permission-based data exchanges today announced that it has secured $4.2 million in Series A funding led by Fenway Summer Ventures with significant participation from existing investors Chicago Ventures and KGC Capital.
Founded in 2014, XOR’s patent-pending data platform enables companies to participate in cross-industry sharing of information in support of fraud and credit risk, compliance, authentication and marketing initiatives. Exchange members maintain ownership over their data, including who is allowed access and how much can be shared. In return for sharing data, exchange members gain access to the valuable information provided by other exchange members, for example, to better identify fraud and credit risks in new financial services or telecommunications account openings.
“The values of transparency, control, and fairness that are core to XOR’s technology have the potential to reshape how companies collaborate to increase efficiency and offer better services to their customers,” said Alex Acree, Managing Director at Fenway Summer Ventures. “We are excited to partner with the XOR team to realize this vision.”
“The XOR team, led by CEO Mike Cook, has deep industry experience and a strong track record building world-class fraud detection and mitigation solutions,” said Stuart Larkins, Partner at Chicago Ventures. “We believe that their unique experience in analytics and machine learning, coupled with industry-specific knowledge, equips them to tackle this multi-billion dollar market.”
XOR Data Exchange has to-date focused on the financial services and communications industries and plans to expand to other sectors.
”We couldn’t be more pleased with the group of investors who participated in our Series A alongside our early stage firms,” said Mike Cook. “The strategic capital from a new industry and deep relationships and experience in the financial services and data analytics marketplace that come along with our investors will help elevate XOR’s game substantially.”
About XOR Data Exchange
XOR builds permission-based data exchanges that help companies solve enduring business challenges while maintaining complete ownership and control over the data they contribute. XOR offers exchange members an unprecedented level of control over how their data may be used, who is allowed access, and how much can be shared. In return for sharing their own data, exchange members get access to otherwise unobtainable datasets to help better identify risk, reduce fraud and engage potential customers with thin or nonexistent credit histories. To learn more, visit www.XOR.exchange.
About Fenway Summer Ventures
Fenway Summer Ventures is a venture capital firm combining regulatory, capital markets, and credit expertise with deep finance industry knowledge to support entrepreneurs solving important problems at the intersection of finance and technology. To learn more, visit www.fsv.vc.