NEW YORK, Oct. 17, 2018 /PRNewswire/ -- Crux Informatics ("Crux"), a leading data engineering and information supply chain operator, today announced it has closed $20 million in a Series B funding round. The financing round includes recent investor Two Sigma, as well as follow-on investments from Goldman Sachs' Principal Strategic Investment Group and Citi, among others from the Series A round, to enable and accelerate growth.
The ever-increasing demand for more data to drive investment decision making has led to a rapid proliferation of new data sources and greater need for financial firms to find and harness an increasingly fragmented array of data. Cleaning, managing and preparing this data for analysis requires firms to spend a significant amount of time and internal resources, when they would rather focus their efforts on gathering investment insights and extracting value from the data for their clients.
Crux's Informatics platform provides an industry-wide solution by operating and maintaining firms' data supply chains, so firms get past the first mile challenge of ingesting data and speed ahead to generating returns. With this new funding, Crux will continue to scale and enhance their platform, so clients can have access to best-in-class technologies and services.
"We have built a solution for what has become a significant pain point for financial services firms – ingesting and managing the tremendous amount of data that is now available to them," said Crux Informatics CEO, Philip Brittan. "We are transforming the data industry making it possible for our clients to reap the benefits from improved data flow, which translates into more actionable insights and alpha. This funding will help us continue to drive innovation, which will scale our business and the data set solutions we offer to our clients."
"The volume, velocity and variety of data in the marketplace is increasing at a rapid pace," said Darren Cohen, Global Head of Principal Strategic Investments at Goldman Sachs. "Crux is strengthening the information supply chain and enhancing their offering, so firms are able to connect with the data they need, when and how they need it. We are excited to continue to work with Crux and this group of industry backers to support them in building what we believe will become the go-to solution for data."
About Crux Informatics Crux was built to solve the pain of acquiring usable data faster by helping firms find, explore, and transform data with ease. Crux offers a Data Engineering Managed Service on its Informatics Platform to take on the burdensome and non-differentiating aspects of our customers' information supply chains, so they can focus on what really matters most: driving actionable insights for their businesses. At Crux, we make data delightful.