Are you tired of the hassle of creating new accounts and dealing with promotional emails every time you shop online? You are not alone. I Own My Data (IOMD), a promising new startup, aims to revolutionize the online shopping experience by putting the power back in the hands of consumers.
Key Takeaway
I Own My Data (IOMD) is aiming to change the way consumers shop online with its Node platform that empowers users to manage, retrieve, and save their online interactions, purchases, and profiles on their own devices.
The brainchild of Rohan Mahadevan, a former executive at PayPal, IOMD seeks to eliminate the tedious process of creating passwords, dealing with Captcha, and enduring constant follow-up marketing communications. The company’s innovative Node platform allows consumers to manage, retrieve, and save all their online interactions, purchases, and profiles solely on their devices. This revolutionary approach aims to simplify the online shopping process for consumers and provide merchants with a streamlined and faster way for customers to shop on their sites.
Flipping the Script on Commerce
The core concept behind IOMD is to “flip the script” on commerce. Instead of consumers having to repeatedly enter personal information on various websites, Node allows them to store their private data, such as past purchases, cards, addresses, and preferences, on their devices. This means transactions can be completed instantly with just one click, tap, or touch, regardless of the website being visited.
Mahadevan, the founder and CEO of IOMD, drew inspiration for the platform from his own frustrating experiences as a consumer. Having to constantly re-verify his identity and create new accounts with every site prompted him to find a better solution.
“Node is the safest, fastest, and most convenient way to transact online because it requires no central servers, and consumer data doesn’t need to be stored anywhere else,” Mahadevan explained. “With Node, you can have lightning-fast checkout processes without worrying about hacking, phishing, or any other security concerns.”
Seed Funding and Merchant Onboarding
After emerging from stealth mode, Node has successfully raised $2.75 million in a seed funding round led by Neotribe Ventures. The funding round saw participation from executives and founders of renowned companies such as Bill Me Later, Boku, Citicards, Facebook, Magento, Meta, and PayPal.
The 20-person startup is currently onboarding merchants into its beta program and has already launched a live app in the App Store. The newly acquired funding will primarily be directed towards product development and go-to-market strategies. Ultimately, IOMD aspires to expand its services globally, catering to merchants worldwide.
Mahadevan believes that merchants who frequently have visitors who checkout as guests, especially those in industries such as cosmetics, specialty food, fashion, baby or pet products, will be the first to embrace and benefit from Node’s innovative technology.
Empowering Consumers with Information
While IOMD is not a payments company, its focus on information management sets it apart. Unlike traditional payment processors, IOMD is solely dedicated to empowering consumers by providing them control over their personal data.
“We’re not interested in whatever payment process you use; instead, we are saving that information back to your node,” Mahadevan explained. “There is zero latency because there is no server involved, and we give everyone a tokenized email so they don’t have to share their info if they don’t want to. This also eradicates the risk of hacking.”
Industry experts have expressed enthusiasm for Node’s groundbreaking approach. Kittu Kolluri, founder and managing director at Neotribe Ventures, stated that Node is “taking on e-commerce at the highest level.” Gary Marino, former chief commercial officer at PayPal, also lauded Node’s efforts, citing its potential to transform the trust dynamics between shoppers and merchants.
With its innovative Node platform, IOMD aims to reshape the e-commerce landscape by giving consumers the ability to control their shopping data and simplifying the online shopping experience. As the company continues to onboard merchants and expand its global reach, it is poised to make a significant impact in the industry.
