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.”

 

Crux Informatics Announces $10 Million Series A Led by Goldman Sachs Principal Strategic Investments

NEW YORK and SAN FRANCISCO, Nov. 8, 2017 / PRNewswire/ — With the volume and variety of data exploding year-over-year, extracting value has never been more challenging. Trying to process data into actionable insights is a massively expensive and exhaustive undertaking. With all of this new data, companies’ information supply chains are getting more complex and harder to manage, yet to date, financial firms have generally managed them themselves. That’s why Crux Informatics (Crux) today emerged from stealth mode to announce it closed $10 million in Series A financing, led by Goldman Sachs Principal Strategic Investments (PSI) and other institutional investors.

“The emergence of unstructured data as an important input into the investment process creates a great opportunity for financial institutions, but only if actionable insights can be extrapolated from it,” said Darren Cohen, global head of Goldman Sachs’ Principal Strategic Investments group. “Crux’s innovative approach—coupled with their deep expertise in financial services and capital markets– brings economies of scale that will allow companies to be more agile, inventive and effective with data.”

Simplifying Data

Crux is an informatics company that is a natural outgrowth of the non-differentiated and time-consuming data work companies need to do before they can extract value from their data. Crux helps companies reduce the effort and money spent acquiring, exploring and processing large amounts of data. Crux implements and operates the data processing pipelines they create for their customers’ unique requirements. With Crux, companies can find actionable insights faster and easier.

For data consumers, Crux provides a data engineering concierge service, which delivers easy access to actionable data.

To fuel its customers’ appetite for data, Crux has created a rich network of data content suppliers. The network connects data suppliers with data consumers through Crux engineered supply chains.

Crux’s Informatics Platform offers best of breed technologies to store, explore and transform data. Delivered as an integrated cloud service, the platform makes it easy to develop and manage the execution of industrial grade information processing pipelines for its customers.

Immediate Access to Data Insights

Hedge funds, banks and insurance carriers rely on Crux to help them explore and make use of a wide range of traditional and alternative financially relevant data.

“Gathering information about the world, doing analysis, and driving unique insight is the life-blood of the financial industry,” said Philip Brittan, CEO of Crux. “It is a hard process filled with numerous pain points. Crux is a unique new offering, created to help our clients much more easily find, explore, and make use of relevant data. We take on the burdensome and non-differentiating aspects of our customers’ information supply chains, so they can focus on what really matters for their business. In doing do, we strive to make data delightful.”

A New Solution for Financial Services

Crux’ goal is to solve the pain of data wrangling by helping firms access data with ease. Crux delivers three core elements to address data challenges:

Informatics Platform

Crux offers a secure and scalable environment to store, explore and transform data through its integrated cloud service:

  • Toolset for creating data production pipelines to include data import, analysis, visualization and exploration
  • Rich suite of APIs to connect with best of breed third party services
  • Detailed audit trails, versioning and consumption metrics
  • Controlled access to data through granular entitlements 

Data Engineering Concierge Service

The Crux engineering team of data scientists and data engineers applies machine learning technologies and Crux developed data wrangling tools to organize data at scale to onboard, clean and normalize raw data to make it actionable.

We will:

  • Onboard unique content from a variety of data sources
  • Clean data to remove outliers and inconsistencies
  • Normalize and transform data to meet your requirements
  • Provide operational management and monitoring directly with vendors

Supplier Network

The Crux Supplier Network brings together content from multiple sources and enables in-house datasets to work alongside those from established data providers. The Network enables:

  • Discovery of new and interesting content
  • Evaluation of data sets before making a purchase decision
  • Ability to acquire the dataset directly from the data provider
  • Connection and interaction with a global data-focused community

Crux does not sell or resell any data or analytics—producers and consumers can count on Crux being an objective, neutral partner. Producers have full control over where their data goes. Providers license their content directly to customers and Crux acts as a third party facilitator to wire up and watch over the data pipelines, on behalf of customers. 

About Crux Informatics

Crux was built to solve the pain of data wrangling by helping firms acquire, explore and transform data with ease. Actionable insights are the life-blood of industry and Crux takes on the burdensome and non-differentiating aspects of our customers’ information supply chains so they can focus on what really matters most for their business. For providers of content and analytics, Crux accelerates sales by enabling direct access to target consumers and reducing friction for them evaluating and acquiring content. With the Crux Informatics Platform, customers benefit from a secure and scalable cloud environment to store, explore and transform data. At Crux, we make data delightful. Visit us at www.cruxinformatics.com

 

Media Contact:
Crux Informatics
Elizabeth Pritchard
email: [email protected]