US-based capital markets software developer Beacon Platform has completed a $20m series B round that included insurance provider Global Atlantic.
Growth equity firm Centana Growth Partners led the round, which also featured investment manager Pimco.
Beacon has built a cloud-based application development platform designed for use in the capital markets sector, enabling banks, insurers, asset managers and commodity traders to create, test and launch applications covering areas like risk management or analytics.
The funding has been allocated to product development and the growth of the company’s general operations.
Kirat Singh, Beacon’s co-founder and chief executive, said: “Having previously designed, built and used in-house platforms at the world’s largest financial institutions, I know how tricky it is for firms to buy or build technology that can keep up with the competition.
“We built Beacon to address this problem head-on and create an ecosystem that enables collaboration and innovation.”
The company received $1.5m in funding in 2016 according to a securities filing, and another filing in May 2018 revealed it had raised $17m of a targeted $19m. It closed the latter round, which included Global Atlantic, Pimco and financial services firm Barclays, at an undisclosed size four months later.
