Measure Protocol, an ethical person-based data marketplace powered by blockchain, has announced £2 million ($2.6M USD) in additional funding. The new round was led by Dynata and Blockchain Valley Ventures (BVV), with Medicys Limited also participating
Funding will support Measure’s mission to use blockchain technology to address growing concerns around fraud, privacy, transparency and consumer participation rates in the market research and data industries. Specifically, the company will use the investment to accelerate audience growth, further developing its proprietary core technology, and expand the team.
“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 S. Laben, CEO of Dynata
The Measure team has built a blockchain-based marketplace where individuals take control of their data. Users are able to monetize their data 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. Closing the 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.
“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.”
– Owen Hanks, CEO of Measure Protocol
The MSR app is now available on iOS within select countries.