Big data company Trifacta has raised a $48m funding round from new strategic investors including Google, and New York Life.
Other new backers included Columbia Pacific, Deutsche Börse and Ericsson. Accel, Cathay Innovation, Greylock Partners, Ignition Partners, and Ridge Ventures all returned as investors to the company.
San Francisco-headquartered Trifacta is a data wrangling company that utilises machine learning to speed up data preparation. Through the solution users are able to receive data easier to create better analysis.
With meeting compliance requiring large-scale calculations, agile modifications, and a clear understanding of how and when the data was transformed, Trifacta also offers a regulatory toolkit to expedite regulatory reporting, allowing banks to complete requirements with greater efficiency and security according to its website.
It also provides soultions for managing risk, whether that’s credit, operational, or market risk. Trifacta claims to empower users to explore new and existing data sources to add ‘greater breadth to insights and more quickly expose liabilities’. The company also provides to tolls to detect complex fraud including unauthorized transactions, mortgage fraud, or money laundering.
Deutsche Börse managing director Ankur Kamalia said, “Investing in and partnering with Trifacta, an innovator with its leading data wrangling offering, helps us expand our capabilities in data-driven areas such as risk management, investment decision making and trading analytics meaningfully.”
Trifacta will use the new capital to further its platform development and accelerate its cloud and geographical expansion. The investment brings Trifacta’s total funding to $124m, with the company’s previous funding round nabbing $35m in 2016. The previous investment received support from Accel Partners, Greylock Partners, Ignition Partners and Cathay Innovation. Trifacta raised the capital to supports its global growth and innovation.
Last week, New York Life Ventures passed the $200m mark for total capital committed in early-stage investments. The firm has kept a focus on the InsurTech, financial services technology, data analytics and health and wellness sectors.
North America dominated the data and analytics sector last year, accounting for 80 per cent of total equity deployed according to data by FinTech Global.
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