Trunomi opens door to Bermuda investors
Technology start-up Trunomi is opening the door to Bermudian investors as it prepares for the next stage of its development.
The company, founded in Bermuda three years ago by chief executive officer Stuart Lacey, has created patented technology that can simplify the process of sharing personal data, in particular between individuals and financial institutions.
Next Monday evening, Trunomi will host an investor awareness event at its offices on the third floor of New Venture House on Mill Creek Road.
Prospective investors will be briefed on Trunomi's story, including the latest developments, highlighting potential investment opportunities.
Mr Lacey said the event was in response to widespread demand from locals to get financially involved in Trunomi.
While he said that the company's capital needs could be funded from similar venture capital investors to those who have funded the business so far, he was happy to give island-based investors a chance to get on board.
He cautioned that venture capital was a risky form of investing and that only qualified investors should participate. Mr Lacey said the minimum investment would be $50,000.
An invitation has been circulated among Trunomi's investors and contacts. Other prospective investors interested in attending should contact Chia Brewin, Trunomi's customer development and marketing manager, at email@example.com.
Registration will start from 5.30pm and the presentations will begin at 6pm sharp, followed by a question-and-answer session.
Mr Lacey, a South African former asset management professional and the spouse of a Bermudian, has consistently spoken of the great potential he sees for the island as a home for financial technology development.
He will be one of the Trunomi team speaking at the event about the company's “journey and recent successes,” according to the invitation.
“The year 2017 is proving to be a significant inflection point for our company, moving from early stage to growth,” Mr Lacey said.
There had been an increase in the pipeline of potential customers, driven by global regulatory changes at a time when Trunomi was bringing to market technology that could help companies deal with the changing landscape, he added.
A case in point is the European Union's General Data Protection Regulation, which will have major implications for companies who have customers in the EU. And the penalties for non-compliance — of up to 20 million euros or 4 per cent of global revenue, whichever is greater — have certainly got the attention of CEOs.
“Trunomi is going through an evolution of its business to where we are no longer just a fintech company,” Mr Lacey said, adding the firm could also be given the label “regtech”, the technology created to address challenges thrown up by regulation.
The GDPR will affect many sectors outside financial services and any firm dealing with the data of EU customers will need to be ready for May 2018 when the new rules take effect.
The growing corporate interest in how to deal with GDPR was evident when FIS, a banking technology provider and consultant, and a partner of Trunomi, sponsored a live Marketforce webcast on the topic, in which Mr Lacey appeared alongside executives of HSBC, Citi and FIS. More than 1,100 people signed up to watch it.
Trunomi has offices in Silicon Valley and London, as well as Bermuda.
On its website, it sums up its philosophy with a single sentence: “Trunomi believes that people have rights, title and interest in their data, and that they should have a trusted and transparent way to control who uses their data, for what reason and for how long.”
Last year, Trunomi raised $3 million in a round of seed funding. Investors included Fintonia Group, a leading fintech venture capital firm based in Singapore and WorldQuant Ventures from the US.
The round was co-led by Saturn Partners and Fintonia, with the former adding to its investment in Trunomi alongside several other existing investors.