Fintech startup Neudata scores $1 million to provide alternative data to investment management customers and decision makers
Data is the lifeblood of the digital economy. Organization lives and dies by the quality of its data. This is even more important in the financial sector where data is key for making real-time investment decisions. Alternative data is a type of data that refers to data used to obtain insight into the investment process. These data sets are often used by hedge fund managers and other institutional investment professionals within an investment company.
One of the leading startups in this space is a new fintech startup called Neudata. Headquartered in London, England, Neudata is a global alternative data evaluation startup that works with all types of alternative data, from sentiment to social media, weather to web-tracking, and economic to environmental. Providers are based in dozens of countries and range from small entrepreneurial start-ups to multinational conglomerates. Neudata’s customers include investment management clients worldwide who manage more than $7tn in assets. Neudata helps them find, evaluate and select new data sources that will advance their investment process.
Today, Neudata announced it has completed a $1 million funding round to support the acceleration of the company’s development of existing and new technology solutions and services exclusively for its buy-side client base.
Founded in 2016 by Rado Lipuš, Neudata’s service is delivered via its Scout ‘software as a service’ platform and expert consultancy. The company’s team of analysts in London and Asia sources and evaluates unique, granular and often hard to find information from a thousand providers on a daily basis, enabling investors globally to make their best-informed decisions about what data to buy, and how to use it.
“In the three years since launch, Neudata has grown rapidly. We now fully evaluate nearly a thousand data products which are useful for investment managers, and our buy-side client base is expanding at a considerable rate,” says Rado Lipuš, Founder and CEO of Neudata.
“The investment will allow us to expand our teams and develop the services we provide to our buy-side clients. I’m excited by the opportunities we are already finding in developing data markets, and also by the way we are able to deploy technology smartly to help our clients get to the data and products they need, faster.”