Why we invested in Red Sift

We produce huge amounts of data — not just in aggregate on networks synonymous with big data like Google or Facebook — but as siloed users as well. Just have a look at your inbox: Hundreds of messages a day, sent and received, deliverables requested or completed. A goldmine of potentially useful information.

Tools such as Google’s Inbox and Notion are already emerging as smarter mailboxes that can make sense of your email network. They can help answer questions like:

Which emails really need my attention? How long have I been waiting for a response from Sarah on that market data? How long does it usually take me to respond to Tom?

There are two limitations to this approach:

First, everyone uses email differently and every organisation has different requirements and data needs. A solution to our data mess must be open, accessible and modular in order to solve the deluge of small pain points we encounter at home, at work and in between.

Second, email does not exist in a vacuum and it is increasingly just one among a mix of channels we use for our work communication. Slack, Facebook Messenger, WhatsApp are all increasingly home to the same valuable exchanges that were once the exclusive realm of email. To get a full and truly actionable picture, the approach must be able to cover all of these channels at arms-length, and plug-in other complementary data streams from IoT.

For years we have each been accumulating ever more data from these sources, but the tools available to us users to make sense of this data have not changed at all.

Then we met Red Sift.

Or more specifically we caught up with Rahul Powar and Randal Pinto, who Tom had previously crossed paths with at Shazam and Apsmart.

Rahul was part of the founding team at Shazam where he held the role of Chief Technical Architect among others. He left to found Apsmart where Randal was one of the first hires — it was acquired by Reuters in 2012.

In our meeting room in London they introduced us to what they were building – PaaS for your data.

They conjured up a picture of a platform that would bring the power of machine learning tools already making sense of the world’s data to bear on our own personal data sets.

At first this would be email, everyone’s biggest data dump, but the platform would quickly expand to Slack, Facebook Messenger, other communication services and IoT streams.

The platform would be home to data apps called “Sifts”, open-source micro services, that can be built or forked by any developer to run secure computations on your data and deliver them back in-situ or on a dashboard.

One of my favourite Sifts demonstrates this quite nicely (and simply): It is trained to monitor my emails for taxi receipts and aggregates that data to provide a running tally of my spending split between Hailo, Uber, etc.

To build the platform, Rahul and Randal had put together crack team of developer talent with expertise across the stack and an eye for design and interfaces. They keep things agile and lean while continuing to attract the best.

Around the board table, we are pleased to have co-lead this investment with Christian from White Star Capital, with his expertise in scaling software platforms as an operator as well as an investor and a foot on each side of the Atlantic.

At Oxford Capital, we are thrilled to join Red Sift for the ride as they build a platform that could change the way we all work with our data, a home for a new kind of data app that will help businesses and people do more of what they do best while wasting less time sifting through their data mess.

Red Sift is now in open beta. Developers can give it a try here and start by forking an existing Sift or go straight to building new ones.

Estimated reading time: 2 min

 

Due to the potential for losses, the Financial Conduct Authority (FCA) considers this investment to be high risk.

What are the key risks?

  1. You could lose all the money you invest
    1. If the business you invest in fails, you are likely to lose 100% of the money you invested. Most start-up businesses fail.
  2. You are unlikely to be protected if something goes wrong
    1. Protection from the Financial Services Compensation Scheme (FSCS), in relation to claims against failed regulated firms, does not cover poor investment performance. Try the FSCS investment protection checker here.
    2. Protection from the Financial Ombudsman Service (FOS) does not cover poor investment performance. If you have a complaint against an FCA-regulated firm, FOS may be able to consider it. Learn more about FOS protection here.
  3. You won’t get your money back quickly
    1. Even if the business you invest in is successful, it may take several years to get your money back. You are unlikely to be able to sell your investment early.
    2. The most likely way to get your money back is if the business is bought by another business or lists its shares on an exchange such as the London Stock Exchange. These events are not common.
    3. If you are investing in a start-up business, you should not expect to get your money back through dividends. Start-up businesses rarely pay these.
  4. Don’t put all your eggs in one basket
    1. Putting all your money into a single business or type of investment for example, is risky. Spreading your money across different investments makes you less dependent on any one to do well.
    2. A good rule of thumb is not to invest more than 10% of your money in high-risk investments. https://www.fca.org.uk/investsmart/5-questions-ask-you-invest
  5. The value of your investment can be reduced
    1. The percentage of the business that you own will decrease if the business issues more shares. This could mean that the value of your investment reduces, depending on how much the business grows. Most start-up businesses issue multiple rounds of shares.
    2. These new shares could have additional rights that your shares don’t have, such as the right to receive a fixed dividend, which could further reduce your chances of getting a return on your investment.

 

If you are interested in learning more about how to protect yourself, visit the FCA’s website here.