Inside Market Data: Industry Heavyweights Unveil Startup ‘Data Wrangler’ Crux, Raise $10M Funding

Originally published November 8, 2017 at Inside Market Data

Author: Max Bowie

“I had the idea that there was an opportunity in the market that was not being met. At Bloomberg, Google and Thomson Reuters, I was on the supply side of the market. I saw the burden that companies faced in trying to make use of data—and nobody was stepping up to help clients with this,” he says. “So late last year, I started getting serious about it, and spent this year getting started, finding the right partners, getting people involved, talking to clients, creating the product and testing it with the market. We tried to listen to clients about where their pain points are.”
These pain points tended to be around identifying and integrating new sources of data and processing it in such a way as to be useful to firms. To address these challenges, Crux’s offering comprises three core areas: a “supplier network” of data sources that allows potential users to find, evaluate and procure new content via an online portal; a managed “data engineering concierge” service that leverages Crux’s team of data scientists and engineers to clean, normalize and transform raw data from those sources into “actionable” formats specific to each client; and its informatics platform—a “secure and scalable” cloud environment in which firms can analyze that transformed data in different ways, share it with other applications via a suite of APIs, and control who can access it via granular entitlements.

Reuters: Goldman Sachs leads $10 million investment round in data startup Crux

Originally published November 8, 2017 at Reuters

Author:  Anna Irrera

Crux’s platform processes the data for financial firms, including banks, hedge funds, private equity groups and insurers, so they can focus resources on carrying out more differentiating tasks such as building artificial intelligence algorithms to extract value from the information.

This removes the biggest pain point, or “crux” of data analytics in finance, said Philip Brittan, chief executive of Crux.

“Everyone is looking at how to get more data and how to get more value out of the data that they have,” Brittan said in an interview. But “firms spend the majority of their data time on stuff that is not differentiated,” he added.

Crux does not sell or resell the data, but has established a network of information suppliers to help clients discover new sources.

Silicon Angle: Fintech data startup Crux Informatics raises $10M to ‘make data delightful’

Originally published November 8, 2017 at Silicon Angle

Author: Eric David

The San Francisco-based company calls itself a “data engineering concierge service,” allowing businesses to extract value from their unstructured data quickly and efficiently. Rather than doing the data analysis itself, which is generally left up to specialized artificial intelligence programs, Crux instead extracts and organizes companies’ data to make it more digestible. The company specializes in financial data for banks, hedge funds, financial firms and so on, which is what drew Goldman Sachs to the startup.

American Banker: Data service startup Crux gets $10 million in funding led by Goldman Sachs

Originally published November 8, 2017 at American Banker

Author: Penny Crosman

It’s a given that banks, hedge funds, insurance companies, research firms and others have an insatiable need for data to make decisions – where to place bets, what companies to buy or fund, to whom to extend credit, and so forth.

Finding the right data from new sources, including data aggregators, alternative credit bureaus and satellite imagery, and making it readable to existing programs is a huge chore.

Techcrunch: Goldman Sachs leads $10 million round for data structuring startup Crux Informatics

Originally published November 8, 2017 at Techcrunch

Author: Jonathan Shieber

“Think of Crux as a Switzerland for data storage and services. The company won’t reveal any information or resell to anyone else the proprietary information it processes and holds for its clients. It’s merely a processing engine for taking the data that big banks and businesses that depend on big data sets need, and crunches that data — reducing it to the metrics that matter most for the clients it serves.”

Business Insider: A startup that wants to help Wall Street clean its data just landed $10 million in funding

Originally published November 8, 2017 at Business Insider 

Author: Frank Chapparo

“However, acquiring data, storing it, and then making sense of it, is a timely process for many firms and often draws resources away from actually figuring out ways to execute strategies based off the data you have. Brittan said he wants to take that non-differentiated grunt work off the hands of Wall Street’s hedge funds, banks, and private equity firms.

“Just like how a logistics firm helps manufacturing company orchestrate supply chains, we are orchestrating the supply chain of data,” Brittan said.

As such, Crux doesn’t just connect its customers with data from providers. Instead, it aims to help guide clients through the entire data supply chain, from acquiring data from providers to cleaning and preparing the data to then packaging it to clients in a way that’s relevant for them.”