Bermudian technology start-up Trunomi has raised $3.5 million from investors to fund its expansion.

CloudScale Capital Partners, a venture capital firm based in California’s Silicon Valley, said today that it participated in Trunomi’s latest round of financing.

Trunomi, a provider of customer consent and data rights and privacy software solutions, will use the financing to help manage the rapid increase in demand for its technologies and to continue its global expansion.

“Customer data rights and privacy are quickly becoming major issues of concern for companies, especially financial institutions, due to new regulations such as EU GDPR, UK Open Banking and marketing opportunities,” said Kim Perdikou, CloudScale partner.

“Trunomi enables businesses to comply with these new regulations by demonstrating compliance and accountability in customer data use and immutably proving the legal basis of processing.

“With Trunomi, businesses can empower their customers with control and transparency in how their data is used and turn regulation from a burden into a competitive advantage.”

Stuart Lacey, Trunomi’s CEO, said: “We are thrilled that CloudScale Capital Partners are part of this financing.

“CloudScale brings significant strength to our investor base, and its partners bring with them a wealth of industry connections with the largest players in the global customer and data markets.”

Trunomi was one of the winners at the Global Fintech Hackcelerator event in Singapore last November.