HATLAB launches smart data programme with USD $40m backing

HATLAB Studio has launched the Smart Data Transformation Programme, an initiative aimed to help enterprises and early-stage startups convert underused customer data into digital assets.

The programme is managed by Dataswyft in collaboration with the HAT Community Foundation and is designed to aid up to 20 mid-sized businesses and 20 startups, ranging from seed to Series A stage, in developing high-yield self-custodied data assets. The programme focuses on empowering organisations and individuals to have more control over their data, aligning with broader industry trends towards secure, portable, and responsibly managed information.

Investment and support

Backed by a commitment of USD $40 million from Thornton–Altima Fund I, with further funds under the Thornton–Altima portfolio planned, the Smart Data Transformation Programme will provide ecosystem grants and targeted support. The Innovorsa Group, led by Professor Irene Ng, is supporting the initiative through this fund, which is part of a wider multi-fund strategy geared at advancing the smart data economy. Dataswyft will contribute USD $500,000 in infrastructure support, offering data architecture and ecosystem design services to assist up to 20 organisations in developing their data assets within its network.

The HAT Community Foundation will provide additional funding to create technical and legal standards for high-assurance self-custodied data assets, with an aim to support cross-border portability and interoperability of sensitive data such as national IDs.

Economic and policy context

This announcement is made against a backdrop of increasing regulatory scrutiny over data handling practices and growing demand for more ethical data ecosystems. Market reports predict that the smart data discovery and infrastructure sectors will exceed USD $10 billion and USD $1 trillion, respectively, by 2033.

Various countries, including the United Kingdom, Australia, Brazil, New Zealand, and European Union members, are rolling out smart data initiatives that enhance access and control over personal information. The UK government has allocated GBP £36 million to accelerate smart data adoption, indicating a broader shift to consumer-driven ecosystems. The UK Smart Data Group estimates unlocking consumer data could generate up to GBP £27.8 billion in economic value.

Programme aims and approach

The programme is spearheaded by Dr. Conor Farrington, Director of HATLAB Studio, who stated:

"While many companies already treat data as a strategic asset, much remains locked in systems that limit its use or expose organizations to risk. This programme helps businesses turn that risk into opportunity by building responsible, interoperable data infrastructures that unleash economic value and give ownership to the individuals behind the data. It's a model for how the next-generation digital economy should work," said Dr. Conor Farrington, director of HATLAB Studio.

The Smart Data Transformation Programme will select recipients for ecosystem grants and aims to build out responsible and interoperable data infrastructures across sectors. Jason Shong, Principal at the Thornton-Altima Fund, commented on the wider impact of the fund:

"We see smart data enabling a new class of digital assets – Self-Custodied Data Assets, or SeCuDAs – where businesses can unlock data to create differentiated services and new sources of value, much like cloud and mobile did for computing. This fund backs companies recognizing the strategic advantage of interoperable, user-empowered data systems," said Jason Shong, principal at the Thornton-Altima Fund.

Davide Ceper, Senior Director, Global Strategy and Growth, Dataswyft, explained the company's contribution:

"The market is demanding secure, programmable data services," said Davide Ceper, senior director, Global Strategy and Growth, Dataswyft. "We are focused on enabling organisations to harness their data fully, securely, efficiently, and at scale through cross-sector partnerships. Many initiatives stop at creating verified credentials and use cases; what's missing is the network to distribute them and drive impact. Our network plans to do exactly that," he added.

The HAT Community Foundation is providing funding for technical and legal standards, highlighting the need for scalable, safe and standardised self-custodied data assets. Professor Glenn Parry, Co-founder and Board Representative of the Foundation, stated:

"If we want the smart data economy to scale, we need self-custodied data assets that are safe, secure, standardised, and portable. Our role is to ensure the network and the foundations it is built on, with the HAT Microserver, remain open, accountable, and built for broad, global participation," added Professor Glenn Parry, co-founder and board representative of the HAT Community Foundation.

The programme brings together capital, infrastructure, and expertise in technical and legal standards, with the stated aim of fostering ethical, interoperable, and user-empowered data ecosystems. Its supporters argue that the focus on investable data assets has potential to attract capital, stimulate innovation, and generate long-term value in the evolving digital economy.