Measure Protocol will use the investment to boost audience growth, further develop its blockchain technology, and expand its headcount.

The company’s technology is used to address fraud, privacy issues, transparency and participation rates by allowing individuals to monetise their data with researchers, advertisers and brands. It was founded in 2018 and early in 2019 attracted investment from data collection company Delvinia.

Gary Laben, chief executive of Dynata, said: “Dynata is committed to developing and investing in the next wave of technologies, such as blockchain, that have the potential to transform the future of insights, advertising and marketing. This investment is in line with our long-standing, member-centric approach to bringing transparency and fair value exchange with members to the forefront, while ensuring the quality and security of data for our clients.”

Owen Hanks, chief executive of Measure Protocol, added: “The new investment is a clear illustration that the industry is starting to pay attention to consumers’ needs, both from a practical and ethical standpoint.”