DemystData secures $5M Series A investment and announces 30 million profiles processed Advances mission to achieve financial inclusion by providing data integration technology
NEW YORK, May 28, 2014 /PRNewswire/ -- DemystData, a software provider that harnesses Big Data and predictive analytics to deliver information to financial services clients, has closed USD$5 million in Series A funding from Notion Capital, SingTel Innov8, Arbor Ventures, P2P Equity Partners, and Wonga Founder Errol Damelin. Existing investors in DemystData were Accion Venture Lab and Arbor Ventures. The funding will be used to grow the team and continue global expansion.
Financial institutions around the world struggle to access consumer and small business data, but data is increasingly available. DemystData software allows clients to bring together large volumes of online, social, telecommunications, and internal company data, in real-time, to create accurate and easy to use customer profiles. This allows DemystData clients to make better decisions. DemystData technology has now processed more than 30 million profiles for its financial clients globally.
"Big Data is booming; but data access, integration, cleansing, and interpretation is a real pain point for most financial institutions. That's all we do," commented Mark Hookey, Founder and CEO of DemystData. "DemystData software delivers enhanced consumer and small business risk information to augment existing systems and help clients say 'Yes' more often."
DemystData's clients include some of the largest online, peer-to-peer, automotive, and working capital lenders in the United States and United Kingdom, as well as leading banks from across Asia Pacific.
"DemystData delivers fast, low-cost risk decision making across a wide range of clients. The service is providing great results with tremendous growth potential that we're excited to support," added Stephen Chandler, Managing Partner at Notion Capital.
"We believe DemystData's innovative technology platform's handle on unstructured data will benefit not only financial institutions but other industries such as telecommunications," added William Bao Bean, Managing Director of SingTel Innov8, a wholly-owned subsidiary of Singapore-based SingTel Group.
"Big Data is more than just a headline; it's delivering real value to financial institutions seeking to deepen market reach while lowering cost and risk by harnessing the power of non-traditional data." commented Melissa Guzy, DemystData Board Member and Managing Director of Arbor Ventures.
Having closed this new round of funding, DemystData plans to expand its team of client Data Scientists to meet increasing demand from banks and alternative lenders, as well as invest in new data partnerships to further enhance its leading API technology globally.
Learn more about DemystData by visiting http://demystdata.com.
Founded in 2010, DemystData helps financial institutions optimize customer interactions through improved access to information. We bring together the best available online, social, and internal company data to create more comprehensive profiles and refined customer predictions. This happens in real time and is delivered via an API. DemystData has offices in New York and Hong Kong. For more information, please visit: https://demystdata.com
About Notion Capital Partners
Notion Capital is an entrepreneur-backed venture capital firm focused on high potential businesses in the Cloud Computing and Software-as-a-Service (SaaS) markets. The Notion partners have unique expertise and experience in the Cloud Computing market having founded, built and exited two highly successful businesses in the space – Star and MessageLabs. Companies within Notion's portfolio include AdBrain, Brightpearl, Duedil, Idio, NewVoiceMedia, Rockabox, The Currency Cloud and Tradeshift. Learn more at http://www.notioncapital.com.
About SingTel Innov8
SingTel Innov8 (Innov8), a wholly-owned subsidiary of the SingTel Group, is a corporate venture capital fund, with its own set of decision making, approval and funding processes. It has an initial fund size of S$200 million. Innov8 focuses its investments on technologies and solutions that lead to quantum changes in network capabilities, next generation devices, digital content services and enablers to enhance customer experience. It works closely with the ecosystem of leading innovators, developers, government agencies, R&D and capital providers to bring cutting-edge technologies and solutions to the various markets the SingTel Group operates in.
About Arbor Ventures
Arbor Ventures is an early-stage venture capital firm focused on the intersection of Big Data, financial services and digital commerce with an affinity for end markets in Asia. The firm is led by industry veterans Melissa Guzy and Wei Hopeman. The Arbor Ventures team has a successful track record of investing in, growing, and exiting venture investment opportunities in the U.S. and Asia, and years of entrepreneurial experience building innovative technology companies. For more information, visit www.arborventures.com
U.S. -- Mark Hookey, DemystData, firstname.lastname@example.org
U.S. -- Jonathan Cutler, JCUTLER media group, email@example.com
U.K. -- Shelley Driscoll, Notion Capital Partners, firstname.lastname@example.org
SOURCE Arbor Ventures