Because we exist in a climate where every decision is crucial to strategy, businesses are beginning to realise the importance of using data analytics. Many new tech companies have been formed and millions of dollars have been invested into this industry as financial institutions begin to use analytics fintechs to examine data and draw conclusions. The UK data analytics industry has boomed in recent years and here are seven of the biggest funding deals that have made an impact on the financial sector in recent years.
This new tech firm closed a $1 million seed round last year in an oversubscribed funding round that attracted investors such as CTO of First Derivatives Gerard Buggy and former CEOs of Thomson Reuters, Tom Glocer and Sir Peter Job. With an aim to change the way that sensitive and personal information is used by organisations, Jason du Preez, co-founder and CEO of Privitar, highlights that “with the enormous opportunity of Big Data comes even greater responsibility”.
Although Aire has been around for a couple of years, the recent funding has helped this company to emerge as a problem solver for the developing and “quasi-developed” markets where people do not have a formal credit score.
Primarily used for research and lead generation, DueDil is recognised as a soon to be big player in the financial industry, especially as it is dubbed as “Britain’s answer to Bloomberg”. The platform collates data from many sources and presents it in an easy to understand format which has benefitted their clients that include Stripe, Dell and private equity houses such as HG Capital and Providence Equity.
This credit risk platform is one of the most recent of big funding deals from the list and they provide transparency to credit data in their mission to transform the ratings market. Elly Hardwick, CEO, said that “this substantial new investment from Balderton and continued support from our partners at Index is powerful validation of our mission – and our ability – to shake up the credit ratings market.”
Named as one of the UK’s most innovative businesses by Bloomberg, Qubit was recently given $40 million by Goldman Sachs’s merchant banking division and Sapphire Ventures. Qubit board member Bernard Liautaud from Balderton believed that “this new round of financing is a great milestone for Qubit. It recognises the extraordinary momentum of the company, and it provides them with the resources required to continue to grow rapidly.”
Analytics giant DataSift have been in the news recently after the announcement that they raised $3 million for a new privacy focused analytics startup called CognitiveLogic, but the company rose to fame after changing the data sets from social media services, like Facebook, so that brands can get a better view of what consumers want. Former CEO, Nick Halstead, said that despite reports that funding is more difficult to raise today, “the US is still the best place in the world to raise funds with investors who both understand the data market, and also those who can follow on when required.”