Crux, provider of a cloud-based data integration and operations solution designed to accelerate value between internal and external data, has secured funding of $50 million in addition to previous funding led by financial sciences company Two Sigma and the Growth Equity business of Goldman Sachs Asset Management (Goldman Sachs) for a total of $175 million to date.
The new funding will be used to bring a self-service SaaS solution to market, the Crux External Data Platform. The platform is designed to help data leaders access third-party data quickly and will provide enterprise-grade integration, transformation, and observability of external data. It will include a 24×7 data operations team that will continuously monitor each data pipeline to ensure required data arrives at the right place, in the right shape, and at the right time, enabling data teams with easy navigation of external data. The platform is due to come to market in March 2023.
“As demand grows worldwide for a platform that can accelerate the realisation of value from external datasets by delivering information that is data science and analytics ready, our new funding will continue to fuel our disruption in this space,” says Crux CEO Will Freiberg.
Founded in 2017, Crux has since built more than 50,000 pre-engineered data pipelines that deliver public and third-party datasets to a destination of choice. The company works with enterprise data management customers, as well as hedge funds and asset managers including AllianceBernstein, Capital Group, Goldman Sachs Asset Management, and Two Sigma. Its approach to external data has been recognised by over 260 data providers including FactSet, MCSI, and Morningstar, as well as public cloud marketplaces such as Google and AWS.
Darren Cohen, global co-head of the Growth Equity business at Goldman Sachs Asset Management, comments: “The pace of adoption and ingestion of third-party data continues to accelerate across asset classes on a global basis, as investors seek competitive differentiation and excess returns. Crux has established a leadership position in this market, through a combination of its scalable, proven technology platform and broad-based data coverage, enabling its clients to rapidly ingest data with tremendous efficiency.”
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