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Elsen Raises $2.4M to Empower Financial Institutions to Explore Big Data and Make Better Investment DecisionsElsen, the Platform-as-a-Service company for large financial institutions, today announced that it has raised $2.4 million in a seed extension round led by Hyperplane Venture Capital with participation from Accomplice, Launch Capital and hand-picked angel investors from the startup and financial community. As part of the investment, Hyperplane managing partner, Jack Klinck, who previously spent nearly two decades in executive roles at State Street and BNY Mellon, will join the company's board of directors as Chairman. This investment brings Elsen's total funding to $2.9 million since the company's inception in 2014. The funds will be used to bolster sales and marketing, expand Elsen's engineering team, extend support services for existing customers, and integrate more premium financial data into its platform-as-a-service.
Finding Value in Financial Data "Financial services firms run on decades-old technology because of the industry's conservative nature and the potential downtime and risks of migrating to new systems. But with digital transformation being a top priority across industries, financial institutions are running out of time and have to adapt now," said Jack Klinck, managing partner at Hyperplane Venture Capital. "Investment professionals simply need better ways to access and use data, and that's exactly what Elsen delivers. Its unique platform-as-a-service provides instant access to premium financial datasets, proprietary technology to analyze it at unbelievable speeds, and the tools to create a user experience that's simple for anyone."
The Elsen nPlatform Elsen nPlatform enables financial institutions to build applications that let any user analyze data in minutes, not days, so they can transform traditional investment workflows, strategies and results. And it does so without investments in expensive infrastructure, the resources to continually maintain it, or the expertise required to cleanse and manage data - one of the most time consuming and error-prone components of investment analytics. Through relationships with the most respected vendors in the financial services industry - such as Thomson (News - Alert) Reuters, MSCI, and Standard & Poor's - Elsen provides access to thousands of data sets. Cleansing, normalizing and aggregating this data is a critical and resource-intensive first step to extracting value from it that Elsen eliminates for its customers. As Elsen continuously adds data to the nPlatform, it is immediately available for all entitled customers. Financial institutions that build applications on Elsen nPlatform can use pre-integrated financial datasets or upload their own. And Elsen's technology enables them to work with and analyze this financial data faster than ever thanks to its custom programming language and a massively parallel processing architecture designed for high-performance computing. In addition, machine learning and artificial intelligence provide substantial time savings by automating common workflows and data discovery, helping users uncover insights they would have never found otherwise. Elsen's award-winning technology has been recognized this year through a number of accolades from prominent industry organizations. The company won "Best Tech Innovation of the Year" at the 2017 Massachusetts Innovation & Technology Exchange (MITX) Awards, "Innovative Tech of the Year: Financial" at the 2017 Mass Technology Leadership (MassTLC) Awards, and was a finalist in the UBS Future of Finance Challenge.
A Proven Approach with Proven Results Elsen's technology is already being used by financial firms and investment professionals around the world. In April, the company launched Thomson Reuters QA Point Powered by Elsen, the first commercial application built on Elsen nPlatform. It was first introduced to Thomson Reuters (News - Alert) customers in North America, and due to overwhelmingly positive feedback extended to clients and customers worldwide. Financial institutions looking to build applications on Elsen nPlatform - either for use by their own employees, or to offer commercially as Thomson Reuters (News - Alert) has done with QA Point - can learn more by visiting https://elsen.co/platform.
About Elsen
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