NEW YORK, NY, DemystData, the largest external data marketplace, has closed $12.5 million in growth capital.
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The investment round was co-led by MissionOG and Notion Capital with participation from Singtel Innov8. The company plans to use the funding to further accelerate its data onboarding, invest in data platform development, and grow its product and client teams.
Demyst launched its API based external data platform in 2018, and has seen rapid adoption by data teams at financial institutions who are deploying better growth, risk, and compliance workflows. The current market for information services is estimated to be $50 billion, with big data adoption at enterprises rising from 17% in 2015 to 59% in 2019, and growing at a CAGR of 36%.
After onboarding a rich data partner ecosystem and generating high value around proven use cases for lighthouse accounts, DemystData has been experiencing rapid growth. "This is an exciting time for us. Data demand is growing from AI, digitization, and faster innovation cycles. Clients are rapidly adopting platforms to meet data compliance needs, support testing, and eliminate the friction from the external data", said Mark Hookey, founder and CEO, "Over the past 12 months we have doubled ARR, tripled our data access, and tripled our client base."
Michael Heller, executive chairman and MissionOG operating partner commented, "The team at DemystData have built an incredible platform for data scientists to harness an entire ecosystem of data providers. Focusing on deep data management technology and building data partnerships has enabled the company to differentiate itself in this growing market. With the additional investment and resources, we'll be able to drive further value with existing customers and accelerate our growing pipeline."
"DemystData has exhibited exemplary growth since our initial investment. We are excited to support their continued expansion. The company is currently filling an unanswered gap in the marketplace, and this capital will help them build upon their leadership position," said Patrick Norris, Partner at Notion Capital.
To learn more about DemystData's platform, visit http://demyst.com.
DemystData is the leading external data marketplace and helps data scientists tap into the explosive growth of emerging alternate data. The company's Labs and Live products enable rapid data evaluation and usein partnership with many of the world's leading data providers. DemystData has offices in New York, Singapore, Hong Kong, and Melbourne.
MissionOG partners with high-growth businesses that have proven models in segments where we have had success as operators and investors, including financial services and payments, data platforms, and software. We apply our experience and capabilities to a group of highly skilled and passionate entrepreneurs whose businesses are on the cusp of exponential growth. The firm is managed by operators and investors who have effectively built early to growth stage businesses and guided them through successful acquisitions. Headquartered in Philadelphia, for more information visit http://www.missionog.com.
About Notion Capital
Notion is an early stage investor in European enterprise tech, SaaS and Cloud. We are here to create the conditions for extraordinary success with the entrepreneur at the centre. We want to help tech companies fulfil their potential and achieve massive scale. We invest early when we can build strong relationships and help to shape the future success of our companies.
Within our portfolio and beyond, we are building a thriving ecosystem that connects and recycles enterprise tech talent, ambition, knowledge, resources and of course money to support generations of entrepreneurs and help them create enterprise tech companies that scale.