Measure Protocol raises $2.6M to grow its blockchain-powered marketplace for person-based data
Measure Protocol, a tech startup and the ethical person-based data marketplace powered by blockchain, announced today it has raised $2.6 million (£2 million) in additional funding led by Dynata and Blockchain Valley Ventures (BVV), with participation from Medicys Limited. The new capital infusion will be used to support its ongoing mission to use blockchain technology to address growing concerns around fraud, privacy, transparency and consumer participation rates in the market research and data industries.
Founded in 2018 by a group of media, ad tech, and market research technology veterans, Measure was created to help consumers take ownership of their data and address data quality issues for buyers, Measure is an open blockchain-based protocol that facilitates a marketplace for person-based data where individuals take control of their data and monetize it directly with researchers, advertisers and brands. Consumers contribute data by completing surveys and other data-generating tasks or by providing access to existing data sources such as health and location from within the company’s MSR App for iOS. Founded on principles of data sovereignty, privacy, transparency and fair compensation, Measure provides an ecosystem that addresses challenges faced by the market research, advertising and AI industries.
“Dynata is committed to developing and investing in the next wave of technologies, such as blockchain, that have the potential to transform the future of insights, advertising and marketing. This investment is in line with our long-standing, member-centric approach to bringing transparency and fair value exchange with members to the forefront, while ensuring the quality and security of data for our clients,” Gary Laben, CEO of Dynata, said.
“We are very pleased to support Measure’s highly experienced team, which extensively investigated how blockchain technology could be applied to solve real problems and to provide better and more efficient services to the market research industry. We think Measure’s solution can improve certain business KPIs by a factor of 10 times,” Paolo Guida, Head of Investments at Blockchain Valley Ventures added.
Measure has built a blockchain-based marketplace where individuals take control of their data and monetize it directly with researchers, advertisers and brands. Consumers contribute data by completing surveys and other data-generating tasks or by providing access to existing data sources such as purchase and location. This new funding will help Measure continue to create a blockchain-powered ecosystem that is founded on principles of data sovereignty, privacy, transparency and fair compensation.
Owen Hanks, CEO of Measure Protocol said, “The new investment is a clear illustration that the industry is starting to pay attention to consumers’ needs, both from a practical and ethical standpoint. The super-power of blockchain is its ability to build trust in a marketplace, and provide a foundation upon which to meet the consumer’s needs for privacy and transparency – whether they are aware of the technology taking place in the background or not. Having the additional funding to work toward a fair model for both consumers and data buyers is a fantastic step forward for our team.”