New E-commerce Startup Aims to Empower Users with Control of Their Shopping Data

Published about 1 month ago

A newly established startup, I Own My Data (IOMD), is striving to streamline the online shopping process by giving users full control of their shopping data. By eliminating the need to create accounts and deal with Captcha, IOMD aims to protect consumers from unwanted promotional communications and simplify online transactions.

Flipping the Script on E-commerce

IOMD’s solution, a platform known as Node, seeks to change the dynamics of e-commerce. Instead of entering personal information repeatedly on different websites, Node enables consumers to manage, retrieve, and save all their online interactions, purchases, and profiles exclusively on their devices.

The startup’s founder and CEO, Rohan Mahadevan, has an extensive background in the e-commerce sector, having spent 15 years in various senior roles at PayPal. He created IOMD out of his personal frustration with the repetitive verification processes involved in online shopping.

Node’s Unique Selling Proposition

The Node platform requires no central servers, implying that customer data doesn’t need to be stored elsewhere. This approach not only expedites the checkout process but also offers robust protection against potential cyber threats.

All of a user’s private information, including past purchases, cards, addresses, and preferences, is stored on their device, facilitating instant transactions with a single click, tap, or touch on any website. It’s similar to Amazon’s one-click purchases but works across merchants, reducing the dependence on a single platform.

Financial Backing and Future Plans

Emerging from stealth mode, IOMD has secured $2.75 million in seed funding from Neotribe Ventures and other industry leaders. The 20-person startup is currently integrating merchants into its beta program and has launched a live app in the App Store. These funds will support product development and market entry, with plans to eventually offer the service globally.

IOMD is particularly appealing to merchants with a large proportion of visitors who checkout as guests. Those selling cosmetics, specialty food, fashion, baby or pet products, and other frequent yet non-subscription products could benefit the most from this platform.

An Information Company, Not a Payments Company

Despite its potential impact on the e-commerce sector, Mahadevan was keen to clarify that IOMD is an information company, not a payments company. The startup’s primary concern is storing information on users’ nodes, a move that eliminates latency and offers tokenized emails to users who prefer not to share their information, thus further enhancing security.