Visible Alpha, a US-based developer of financial research technology, raised $38m yesterday from a range of financial services firms including Goldman Sachs, which led the round.
Macquarie Group, Royal Bank of Canada and Wells Fargo. Bank of America, Citi, Jefferies, Morgan Stanley, UBS, Santander and BNP Paribas also took part, the latter two through their Santander InnoVentures and Exane BNP Paribas units.
Visible Alpha has established a platform that takes information from some 450 research providers and adds tools that help clients detect, analyse and evaluate the financial data.
The platform launched in 2015 and was founded by Bank of America, Citi, Jefferies, Morgan Stanley and UBS with $30m of capital. It has since accumulated a customer base of more than 100 buy-side firms.
Rosenblatt Securities was financial advisor for Visible Alpha on the deal. Darren Cohen, head of Goldman Sachs’ Principal Strategic Investments unit, said: “We are pleased to lead this funding round for Visible Alpha.
“Visible Alpha has established its position as a market leader by helping the most sophisticated buy-side and sell-side firms solve their most pressing challenges related to research dissemination, entitlements, procurement and valuation. We look forward to participating in their continued growth and innovation.”
Scott Rosen, Visible Alpha’s chief executive, added: “This capital gives us additional resources to maintain our growth trajectory and deliver on our mission to improve and enrich communication between all market participants.”