The startup Dwinity, based in Grünwald near Munich, focuses on securely storing and efficiently using data from millions of people, particularly for research purposes. Handling personal data is, of course, a highly sensitive issue. „Convincing people is very important“, says CFO Christian Mangold. According to him, Dwinity has several advantages: the data is stored not in the cloud, but in a decentralised manner. „We’re not creating another data monster“, he emphasises.

Robin Basu, COO and another founder of Dwinity, adds: „The control over the data must remain with the customers.“ As data is a valuable resource, users are expected to benefit financially as part of a community. The company says that more than 40,000 people worldwide are already members.

Founded last year, the company uses blockchain technology, will allow for analysis via artificial intelligence (AI). So-called predictive AI is a tool for analysing large datasets more quickly and accurately through machine learning.

„We are currently in the process of commercialising our prototypes and building a foundational infrastructure for data“, says Mangold. For this, Dwinity is collaborating with technology partners and early users. Key sectors for application include healthcare, insurance, and finance.

Mangold cites the example of Streifeneder, a prosthetics manufacturer in Upper Bavaria. By using data from prosthetic wearers, the company aims to improve its products. With Dwinity’s solution, data can be easily collected. „The patient hardly needs to enter any data“, explains Mangolds. Key information such as weather, humidity, and step count is transmitted via the user’s smartphone, using an app developed by Streifeneder. „It’s better than convincing patients to fill out Excel sheets.“ Basu, his board colleague, emphasizes that Streifeneder receives the data in an anonymised form, and that "the personalisation remains with the customer.“

Now, they are considering creating an interface to combine Streifeneder’s technologies with those of Dwinity: „As a design customer, Streifeneder can provide input into the development,“ says Basu.

Another potential application is electronic health records (EHR). In Germany, these are stored in the cloud, which would not be suitable for Dwinity. Furthermore, the country is much too large to serve as a viable base.

However, Basu envisions the company being able to handle EHRs in smaller countries. „The sovereignty over the data must not lie with the state, the insurance company, or the doctor, but only with the patient,“ he stresses. Basu, who researched self-determination in both the analog and digital world at Ludwig Maximilian University in Munich for over 15 years, is convinced of the large potential of this market, which is still in its infancy. „Crypto and decentralised storage are a trend,“ says Mangold.

The company is funded solely through the sale of tokens. The CFO is aware that initially, the client base will likely be tech- and crypto-savvy. However „over time, others will join as well.“ Dwinity’s plan is to have around 7 million users within two years, at which point they expect to reach operational profitability.

In a seed funding round, the company raised 2.4 million dollars. Investors from both Germany and abroad participated, according to Mangold. For the Series A round, the company is targeting between 3 million and 8 million dollars. This will be used to finance the development and training of AI for Dwinity’s solutions. „We are currently in talks with venture capital firms,“ says Mangold. „The funding round is expected to be completed by February or March of next year.“ Investors will purchase tokens, just as in the seed round. „A private token sale makes it easier: we don’t need a notary.“