US-based financial data processing platform Crux Informatics has raised $20m in a series B round featuring investment bank Goldman Sachs’ Principal Strategic Investment subsidiary and financial services firm Citi.
The round also featured Two Sigma, the investment management firm that was already revealed as a backer last month when it supplied an undisclosed amount of funding for the company.
Crux Informatics operates a cloud-based software platform that extracts, validates and standardises data from a wide range of sources in order to enable financial services providers to gain actionable insights.
The company also lets data producers license its service out to their clients without requiring any access to proprietary data. The series B funding will enable it to further scale and enhance its product offering.
Citi previously invested $11m in Crux in March this year, after Goldman Sachs Principal Strategic Investments led a $10m series A round for the company in November 2017.
Darren Cohen, global head of Principal Strategic Investments at Goldman Sachs, said: “The volume, velocity and variety of data in the marketplace is increasing at a rapid pace.
“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.”
