US-based investment analysis software provider T-Rex has raised an amount reported by Bloomberg to be $15m in a funding round co-led by financial services firm Citi.
Venture capital firm Westly Group and VC fund Viola Fintech co-led the round, which also featured energy provider Innogy and investment banking firm Macquarie Capital.
T-Rex has created a cloud platform that utilises big data to cut risk exposure and operating costs for complex investments. It originally focused on renewable energy asset investments before branching out into other areas.
Florian Kolb, managing director of Innogy’s corporate venturing subsidiary, Innogy New Ventures, said: “Innogy aims to combine innovation, technology and renewable energy.
“T-Rex’s financial innovation around energy data is an essential piece to those long-term plans. We expect the deployment of the T-Rex platform to drive business efficiencies and empower intelligent decision making.”
The company had previously closed a $10m series B round in late 2017 featuring Innogy, Safeguard Scientifics, Ecosystem Integrity Fund and Partnership Fund for New York City. The round followed $1.2m from unnamed investors in 2014 and $1m two years later, according to securities filings.
Daniel Tsiddon, Viola Fintech’s founder and general partner, joined T-Rex’s board of directors in conjunction with the round, as did Westly Group principal Tim Wang.
