Data sharing platform IXUP more than doubled its share price after joining the ASX on Wednesday.

IXUP (ASX:IXU) closed its first day of trade at 44c — a 120 per cent premium for those who managed to buy into the initial public offering at 20c.

IXUP was joined by several other successful ASX debutantes on Wednesday including Telix Pharmaceuticals and Lustrum Minerals.

IXUP xhairman Tim Ebbeck says the data-sharing platform has a few paying customers, but the $12.5 million is aimed at getting mass commercialisation off the ground.

The concept behind IXUP’s software is to allow companies to collaborate by sharing data in a highly secure environment, unearthing previously unavailable insights.

For example, a pharmacy, a general practitioner, a hospital and an insurer all have different, valuable data about a group of patients.

Using IXUP, the four can each input their data into a single platform. Each piece of data is encrypted and remains under the control of its individual owner.

The four sources of encrypted data are then indexed and analysed together, revealing insights about the patients that could not be gleaned by reviewing the individual data sets by themselves.

IXUP founder Dean Joscelyne celebrates a stellar ASX debut. Pic: IXUP

Under this pooled data approach, a household insurer could partner with other data owners such as a residential property group and a natural disaster risk assessor to access extra details to identify underinsured properties by the post code.

This would enable a “clear view of property value, insured amounts and risk damage without exposing confidential information”.

Using the IXUP software, which encrypts data as it’s ingested, personal details from external data partners can be used in a deeper analysis while maintaining privacy requirements.

The key, says chairman Tim Ebbeck, is that a data owner retains the encryption keys and can give another party access at their discretion.

“You get the richness of the personalised data without being exposed to the vagaries of privacy legislation or security fears,” Mr Ebbeck told Stockhead.

IXUP believes the data sharing market could be worth $150 billion and cites IDC research that “60 per cent of enterprises agree finding correlations across multiple disparate data sources is a challenge driving spend”.

He says IXUP doesn’t know of any similar technology platforms and prospective investors on a US tour said they’d never heard of similar technology.

They have patents which are not being challenged — one sign of whether other companies are trying to do the same thing — in reputable countries at least.