UK-based data engineering software developer Duco secured $28m in funding on Monday in a round featuring Nex Euclid Opportunities, the strategic investment arm of financial trading technology provider Nex Group.
Eight Roads Ventures, a branch of financial services group Fidelity International, also took part in the round, alongside venture capital firm Insight Venture Partners and Cristóbal Conde, the former chief executive of financial software producer SunGard.
Founded in 2010, Duco has created a cloud-based platform for conducting data engineering tasks such as normalising, validating and reconciling databases. The software is used by financial services providers like banks, brokers and hedge funds.
The capital will be used to expand Duco’s offices in London, New York and Luxembourg, and to open a new branch in Asia, and will support the release of additional products. The company expects to launch the latest update of its software next week.
Duco received an undisclosed amount of funding from Euclid Opportunities, then a subsidiary of brokerage Icap, across rounds in 2012 and 2015. Icap subsequently merged with trading services provider Tullett Prebon to form Nex in 2016.
Christian Nentwich, chief executive of Duco, said: “Duco’s approach to solving complex data problems in financial services is to empower experts with self-service solutions.
“We have gained considerable traction as the industry looks for intelligent answers to evolving new market realities.”