DemystData, a big data technology provider, has raised USD $7 million in Series B funding, led by MissionOG with follow on investment by Notion Capital and Singtel Innov8. This latest round of financing brings the total funding to USD $16 million.
DemystData will use the funds to grow their technology and client services teams while also investing to expand data partnerships to meet booming demand in the U.S. and Asia Pacific markets.
Since its Series A in 2014 DemystData has seen rapid client adoption and now supports growth and risk decisions for some of the world's largest banks and insurers across 10 countries.
DemystData also announced the release of the Atlantic Platform, the world's first solution of its type to assess consumer and small business risk on the back of massive streams of data, text, images, and log files, while improving compliance with emerging privacy law, all through a single API.
'DemystData is helping clients cut risk by up to 60% and increase acceptance and straight-through processing rates to convert more customers. We provide the key to accessing valuable data 10 times faster while adhering to increasing privacy constraints,' said DemystData's Mark Hookey.
In conjunction with the financing, Gene Lockhart, Chairman and Managing Partner of MissionOG, and former CEO of Mastercard International, has joined the board. 'MissionOG is investing heavily in the infrastructure layer of FinTech and DemystData provides a market leading platform to access that most essential financial services resource: data. One DemystData client told us it would take them over 10 years to build this capability internally,' according to Lockhart.
'DemystData's fraud and verification solutions have been particularly successful in the marketplace, with clients increasingly eschewing the more traditional technology solutions providers and preferring to work with best in breed big data technology providers like DemystData,' said Patrick Norris, Principal at Notion Capital.
Learn more about DemystData by visiting http://demystdata.com.
About DemystData
DemystData helps financial institutions tap into the explosive growth of unstructured, online, bureau, and internal data, to make better growth, risk, and compliance decisions. The company's Atlantic Platform enables real-time access, structuring, and delivery of consumer and business data, in partnership with many of the world's leading data sources. DemystData has offices in New York, Singapore, Hong Kong, and Melbourne.
About MissionOG
MissionOG provides human and financial capital to early and growth stage B2B technology companies. We apply our experience and capabilities to a group of highly skilled and passionate entrepreneurs whose businesses are on the cusp of exponential growth. Headquartered in the Philadelphia region with offices in New York City, the MissionOG Fund is managed by entrepreneurial operators who have effectively built early to growth stage businesses and guided them through successful acquisitions.
About Notion Capital
Notion Capital invests in exceptional entrepreneurs in the enterprise cloud and SaaS markets who have what it takes to transform large, global markets. The Notion team has unmatched expertise having founded, built and exited two highly successful SaaS businesses - Star and MessageLabs. The Notion portfolio includes Brightpearl, Dealflo, DemystData, GoCardless, MoveGuides, NewVoiceMedia, The Currency Cloud, Tradeshift, Triptease and Workable.
About SingTel Innov8
Singtel Innov8, the venture capital arm of the Singtel Group, invests in and partners with innovative tech start-ups worldwide. It has a fund size of US$250 million and its own set of decision making, approval and funding processes. Beyond funding, Singtel Innov8 is a gateway for start-ups to tap on the resources and expertise of the Singtel Group, while enabling the Group to gain access to emerging technologies. Singtel Innov8 focuses its investments on technologies and solutions that can lead to quantum changes in network capabilities, next generation devices, digital services and enablers to enhance customer experience. Headquartered in Singapore, Singtel Innov8 also has offices in San Francisco and Tel Aviv.