Data exchange startup Data Republic has been placed in voluntary administration after seven years and raising more than $30 million from prominent investors including ANZ, Westpac’s Reinventure, NAB Ventures, Singtel Innov8, Qantas Loyalty and Singapore Airlines.
Founded in Sydney by Paul McCarney and Danny Gilligan in 2014, the business had expanded to have offices in the US and Singapore, with around 60 staff. In February this year, the startup was reportedly looking for $21 million and $35m from institutional investors, but collapsed after failing to find the backing it needed.
Data Republic allows clients to securely exchange data and, in turn, more easily monetise data assets, dealing with issues such as data security, regulatory compliance and commercial sensitivity. It allows separate businesses to share data for better user insights without compromising individual customer information.
Its two key products are Data Sandbox, a secure analytics collaboration space, and Data Fusion Studio for collaborative customer analytics.
The startup raised $10.5 million in Series A in 2016 from Qantas Loyalty, NAB Ventures, and Reinventure, who also became strategic partners, then another $22 million in a Series B in 2018 led by Singtel Innov8, with Singapore Airlines and existing backers Qualgro, ANZ, Reinventure, and Ryder Innovation Fund.
The business was placed in the hands of administrators McGrathNicol Restructuring on Thursday, May 6. They will keep Data Republic trading as they assess its longer-term viability of the startup, and whether is can be saved via a sale or recapitalisation.
“The administrators will work closely with Data Republic’s employees, suppliers and customers to stabilise operations and to determine the appropriate strategy for the business. A recapitalisation and sale process will also be commenced immediate,” McGrathNicol said in a statement.
Data Republic’s suppliers are asked to ensure that they supply only in accordance with the circular to suppliers, available on the McGrathNicol website.”
A creditors meeting is scheduled for May 18.