Funding backs the development of an independent platform that sets new standards for data quality and transparency in first-party data exchange, tackling an urgent industry challenge
SALT LAKE CITY, Oct. 23, 2024 /PRNewswire/ — Data Quality Co-op (DQC), the insights industry’s first independent clearinghouse for data quality measurement, today announced that it has received its first funding round of $1.25M USD. The funding was led by Kickstart Fund, joined by SaaS Venture Capital and Service Provider Capital, along with several influential individual investors from the consumer insights, technology, and finance sectors.
As the global first-party data market is projected to surpass $140 billion by 2025 (ESOMAR), the demand for transparency and trust has reached a critical point. Businesses are increasingly reliant on first-party data, yet face rising challenges of fraud, inconsistent quality, and a lack of transparency. DQC’s innovative platform directly addresses these issues, providing businesses with clear benchmarks and actionable insights so they can trust the data they rely on to make business decisions.
“Data Quality Co-Op is addressing a critical gap in the data-driven economy and setting a new standard for data integrity in this rapidly growing market,” said Tanner Potter, Partner at Kickstart Fund. “As businesses increasingly rely on first-party data for growth, transparency around data quality becomes essential. We believe DQC’s technology will enable companies to better trust the data powering their decisions.”
Inspired after trailblazing companies that improved large markets through increased transparency like Verisk Analytics for insurance and Integral Ad Science for digital ads, DQC’s platform aggregates data quality signals across multiple sources. By offering industry-wide norms and quality measurement, it allows businesses to compare their data quality with broader standards and take proactive measures against fraud.
As more data flows into the platform, the network effects enhance the accuracy, depth and comprehensiveness of its insights—delivering even greater value to all users. DQC’s early clients are already experiencing the benefits of these powerful features.
“We’re committed to addressing the industry transparency challenge head-on,” said Bob Fawson, CEO and Founder at Data Quality Co-Op. “This funding round enables us to accelerate platform development and pursue our goal of helping the sector fully realize the transformative potential of its data.”
The platform solves common challenges in the data ecosystem:
- Many businesses struggle to fully understand the quality of their data. DQC creates powerful visualizations, shares industry norms, and offers unique insights to help users address quality issues up front.
- The constant risk of fraud and inconsistent data undermines trust, impacting the reliability of data-driven recommendations. DQC provides real-time insights and alerts that empower users to make informed data purchasing decisions, manage fraud and assess quality risk.
- Building trust is difficult without clear, verifiable data integrity. DQC audits and certifies quality management programs and outcomes, helping users differentiate themselves with trusted, high-quality data.
“Our platform strengthens the quality signals for everyone in the ecosystem of market research and adjacent industries. The way it works allows companies to not only measure their own data but also improve collaboration across the supply chain,” said Ian Haynes, Co-Founder of Data Quality Co-Op.
Established earlier this year, DQC has developed its platform in partnership with early clients who are committed to improving industry data quality. Its leadership and advisory team represent decades of experience working with the largest data suppliers and research companies in the world, with deep expertise in data quality, industry innovation and technology. Those interested in building the future of quality through an engagement with the new solution should email contact@dataqualityco-op.com.
About Data Quality Co-Op
Data Quality Co-op (DQC) is an independent 1st-party data quality clearinghouse. We transform how buyers and suppliers of 1st-Party data measure, understand and manage the quality of their data. Our platform offers continuous quality measurement and real-time quality certification by aggregating, analyzing, and benchmarking data quality signals. Together with our clients, we are shaping the future of fast, reliable data-driven insights. Headquartered in Salt Lake City, Utah, our mission is to ensure each business decision, marketing campaign or AI model is driven by data that’s high-quality, high-value and perfectly suited for its purpose. For more information, visit www.dataqualityco-op.com.
About Kickstart Fund
Kickstart Fund is a seed-stage venture capital firm. Kickstart’s mission is to fuel the best companies in the Mountain West by providing smart capital, a connected community, and expert guidance. Since raising its first fund in 2008, Kickstart has invested in more than 150 companies. For more information, visit www.kickstartfund.com.
Media contact: Michelle Andre, 385275@email4pr.com, +1-415-577-8634
SOURCE Data Quality Co-Op