The Commonwealth Bank's venture-scaling arm, x15ventures, has named data change management platform, Gable, as the winner of its latest Xccelerate program. The startup has secured a SAFE Note investment and is actively exploring multiple partnership opportunities with CommBank.
Founded in Seattle in 2023 by Daniel Dicker, James Frost, Adrian Kreuziger and Chad Sanderson, Gable helps developers ensure quality and governance of important data as it flows through an organisation.
"Before Gable, the founders worked at a late-stage startup where we were constantly wrestling with problems caused by the quality, governance and change management of source data," Gable CEO Chad Sanderson, explained. "That's why we founded Gable, to help businesses understand where their data is, who owns it and where it's going."
Gable's platform uses AI to identify where data is produced from within an organisation and monitor how it flows across services and databases. This helps flag sensitive data like personally identifiable information (PII) and trigger alerts within an environment when compliance or quality standards are at risk.
"In a world in which organisations rely on more apps and services than ever before, having clarity around the quality and lineage of your data is critical. This is particularly true for those operating in regulated industries, where reporting obligations continue to evolve and businesses are looking to take full advantage of AI," x15 Chief Technology Officer Kelvin Lim said.
"We were impressed with how Gable's approach could help shift important work - for example, tracking changes to critical data, identifying PII or sensitive data, and setting compliance policies - into the hands of our engineers. This gives them the confidence that any code changes made won't inadvertently break things, helping to prevent complex data problems downstream and freeing up testing, governance and compliance teams to focus on what they do best" Mr Lim added.
"With numerous ventures in our portfolio, and lots of different ways they generate data, it's important we know exactly where that data flows. Gable's tech could enable us to do that in a unique and efficient way - and we're really excited to explore what's possible."
Gable was one of nearly 100 startups to apply for the latest Xccelerate program, which focused on solutions 'reimagining the customer and employee experience with data and AI'. It was the first time the program was open to international as well as homegrown founders.
As a result of winning Xccelerate, Gable will now commence a project with x15 to detect code changes across its isolated technology environment, while exploring a number of more expansive opportunities across CommBank.
"We believe organisations stand to gain a lot from creating a shared data culture of collaboration, accountability, quality and governance. It was clear from early in the program that x15 not only shares that view but had already taken steps to shift more risk management into the hands of its engineers," Mr Sanderson said.
"Even to be exploring potential partnerships with CommBank - a recognised leader in financial services innovation and AI maturity - feels like a vote of confidence in our mission. We think we're building something special here, and I look forward to spending more time in Australia over the coming months to explore what Gable, x15 and CommBank could achieve together."
As a result of the 2024 program, three other finalists - Cleric, Dragonfly Thinking and Eidiex - are also actively exploring partnership opportunities with CommBank.
About x15ventures
x15ventures is a venture scaler powered by CommBank. Founded in 2020, x15 builds, buys and invests in startups that would benefit from connections to Australia's leading bank, and could improve the lives of its more than 15 million customers, by either reimagining existing CommBank products or services, or offering solutions not traditionally classed as finance, but that could extend the bank's relationship and relevance with customers.
x15's platform model combines the latest cloud technology (running on a separate tech stack to CommBank) with enterprise grade controls, enabling ventures to innovate at pace in a 'bank safe' environment, and scale through access to CommBank assets - including capital, brand, and customer distribution - once ready.
For more, please visit: x15ventures.com.au
About Xccelerate
Xccelerate helps early-stage founders understand pathways to partnership with the Bank, connecting them with mentors and experts within x15 and CommBank to help accelerate the growth of their businesses.
To be eligible for Xccelerate, applicants were required to be pre-Series A and aligned with the program theme and CommBank's AI Principles, which apply to all AI systems designed, developed, deployed, or used by the bank.
Past Xccelerate alumni include financial workflow management company, Paytron (2022), which has since been acquired by ASX-listed OFX, and agtech integrator, Pairtree Intelligence (2023). Automotive retail platform provider Vyro has also leveraged connections it forged through Xccelerate23 to secure a partnership with CommBank and digital auto marketplace, carsales.
Go to CBA Newsroom for the latest news and announcements from Commonwealth Bank.
