Phemi raises $10 million, partners with South Africa-based insurer

PHEMI

Vancouver-based Phemi has raised $10 million in funding as it works to expand its sales and marketing capabilities.

The round was led by existing investors CTI Life Sciences Fund (CTI), BDC Capital Healthcare Venture Fund, and Yaletown Partners. The round also welcomed new investors Quark Venture Inc. and GF Securities through the Global Health Sciences Fund.

Phemi develops big data solutions for enterprises, which include built-in privacy, governance, and enterprise-grade management. The company’s flagship product lets organizations access and mine any variety of data at any volume, and enforces access privileges.

“Today, companies recognize that their data represents a form of capital that, using the right platform and tools, can be unlocked and managed to enable analytics and data science capabilities previously unattainable,” said Paul Terry, CEO of PHEMI. “As with healthcare, a common theme across a growing number of vertical markets, such as insurance, finance and the public sector, is the importance of data governance and the protection of sensitive data. This latest round of financing will allow Phemi to expand its reach into these markets. We’re fortunate to welcome Quark as a new member to the Phemi team, as we work with enterprises to use data responsibly and to achieve new insights that can transform their businesses.”

Beyond sales and marketing, the funding will be used for R&D. Phemi also announced a partnership with global insurer Discovery Limited, and Phemi’s solution will be deployed within the insurer. Discovery will leverage data from new sources like unstructured data such as website logs, and interconnected smart devices, to gain a further understanding of client behaviour.

“The partnership with PHEMI holds excellent potential for Discovery. Understanding how our clients’ behavior affects their underlying risk profile is important for our ability to offer world-class products and solutions that meet their needs,” said Emile Stipp, chief actuary at Discovery. “Developing our data analytics capability further is therefore critical. The partnership with PHEMI also enhances our current data protection processes and supports our commitment to upholding the strongest protocols for gathering, securing and protecting personal and other data.”

The company last raised $12.2 million in August 2015, and a $2 million seed round the previous year.