ING Ventures invests in data privacy company
ING Ventures has invested in data security company eXate, strengthening ING’s commitment to becoming a data-driven organisation. The London-based fintech will use the funds to speed up the development of its data management platform, which aims to enhance and simplify the way companies ensure privacy when accessing, sharing and analysing data.
eXate successfully completed a proof of concept in ING Labs Brussels in 2019, validating its DataSecOps tool. It provides a single point of access for employees to securely share data with greater speed and efficiency than manual methods or decentralised data management systems.
“This game-changing tool allows ING to safely test new software on real data to ensure effectiveness in production and helps us accelerate our innovation agenda by enabling us to collaborate more closely with external partners and across borders,” said Frederic Hofmann, managing director at ING Ventures.
Quality over quantity
Businesses strive to collect large amounts of data in an effort to predict customers’ wants and needs. In itself, this isn’t enough. Data has to be processed and shared easily across the organisation in a secure, compliant way – a problem for many due to changing data privacy regulations and new data infrastructures. To solve this, businesses invest in costly processes often involving manual work, which can create a barrier to using data effectively or safely.
Using eXate, companies can apply data policies automatically and this allows teams to manage data in a faster, more secure way.
“Organisations that store and process large volumes of data experience many challenges when it comes to data sharing,” said Peter Lancos, eXate CEO.
“The use of expensive multiple single-point solutions, coupled with monitoring complicated country-by-country policies adds time and budget to data initiatives. The key to delivering the best value for clients is to fully integrate data, security and operations in a single application through DataSecOps.”