Goldman Sachs Principal Strategic Investments Group, a subsidiary of investment banking firm Goldman Sachs, has led a $10m series A round for US-based financial data processing platform Crux Informatics.
The series A round also included undisclosed institutional investors. Details of any earlier funding the company may have raised have not been disclosed.
Crux has developed an informatics platform that makes it easier and cheaper for financial services organisations to make use of the data they hold. The cloud-based platform processes data provided by clients and then feeds back actionable insights.
The company also offers a data supply service that allows data producers to license it out to other users over the platform. Data producers maintain control of all the propriety data they feed into the platform.
Darren Cohen, head of Goldman Sachs Principal Strategic Investments Group, said: “The emergence of unstructured data as an important input into the investment process creates a great opportunity for financial institutions, but only if actionable insights can be extrapolated from it.
“Crux’s innovative approach, coupled with their deep expertise in financial services and capital markets, brings economies of scale that will allow companies to be more agile, inventive and effective with data.”