Breakthrough with Leading Edge Data Trade Technology
The Melbourne-based e-commerce platform, Local Threads (www.localthreads.com.au), has ambitious plans to empower its customers with data ownership to enable them to monetise their own data via its Data Trade System. Local Threads has so far successfully raised AUD$500k in pre-seed funding.
The latest round of capital raised was led by Dr Qin Ding, co-founder of EMQ, a data cloud warehousing platform giant (which offers very similar services to the NYSE-listed Snowflake Data Cloud platform, Snowflake: Overview | LinkedIn). Together with Dr, Ding, this capital injection was also participated by angel investors Alex Yin (founder of leading fashion brand, UOOYAA) and Eric Li, another seasoned entrepreneur and investor.
This technology business plans to use the funds to accelerate the platform development of the customer data ownership and trading systems, with a clear plan to achieve breakeven cash flow. End customers will be able to access their data generated from their shopping behaviour on Local Threads, including their personal information, product brands, sizes selected, price points of their searches and clicks and web browsing information. Given the need to protect customer data, including shopping behaviour, and the importance of data privacy laws across the globe, Local Threads is now placing control and choice back into the hands of the consumer. For the first time, with leading-edge technology and innovation, customers can now decide whether or not to share such private information. If the customer so decides, such data can be monetised with the customer even being able to select the type of data to be shared. No data will be shared unless the customer pre-approves it via the Local Threads Data Trade System.
“This is indeed breakthrough innovation as we place the whole issue of data privacy on its head, and more importantly, let consumers have control of the data which rightfully belongs in their own hands,” explained Adam Baodunnov, founder of Local Threads. “The impact of the application of such a concept across different industries will be phenomenal!” he continued.
Local Threads was founded by Adam Baodunnov, an Uyghur serial entrepreneur who has successfully exited three technology start-ups back in China, and Co-founder Chris Yong who has over 20 years of experience in retail, marketing and management. It is an e-Commerce marketplace for Australian-owned sustainable, ethical fashion and IoT products. With a proven working commercial model, Baodunnov and Yong have set their eyes to make Local Threads become the world’s first e-commerce platform to provide customers data ownership, transparency and control. Their data management platform will allow users to easily manage their data from a user-friendly app or web portal while shopping.
This concept hinges on the idea of data ownership and the trading of that data, generated via shopping behaviour on Local Threads E-Commerce platform.
Local Threads plan to eventually integrate and grow its network through strategic partnerships by linking its app and e-commerce platform with other websites, apps and media publishers through SDK networks. This will ultimately create a network where millions of users can manage, track, approve and trade their personal data through the Local Threads platform. Local Threads will be made available across the Windows, Mac and Linux platforms, with its mobile app currently in Beta version.