Data analytics startup-turned-global software provider DemystData has raised US $5 million in Series A funding.
According to Big Data Pile, Investors involved in this round include Hong Kong-based Arbor Ventures, Nation Capital, P2P Equity Partners, SingTel Innov8 and Wonga founder Errol Damielin. In the past, Arbor Ventures had already invested in DemystData, along with Accion and Venture Lab.
“Big Data is booming; but data access, integration, cleansing, and interpretation is a real pain point for most financial institutions. That’s all we do,” said founder and CEO Mark Hookey. “DemystData software delivers enhanced consumer and small business risk information to augment existing systems and help clients say ‘yes’ more often.”
With offices in Hong Kong and New York, the company says they plan on using the funds to grow their team of data scientists, invest in new data partnerships in order to improve its global API technology.
DemystData harnesses Big Data to gather large volumes of real-time data from online, social, telecommunications and internal company sources to create customer profiles. The company has reportedly generated over 30 million profiles to date for its financial clients.
Although they’ve gone global, DemystData’s roots are in Hong Kong as they were founded just four years ago in the early days of our startup scene. Join us in congratulating Mark and his team!
Watch Mark tell the story behind DemystData at Innotribe Startup Challenge 2012 in Singapore:
DemystData on Startbase.HK: DemystData
