Boston-headquartered Elsen, a Platform-as-a-Service company for large financial institutions, has raised $2.4m.
The seed extension round led by Hyperplane Venture Capital with participation from Accomplice, Launch Capital and hand-picked angel investors.
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.
Elsen said the new funds will be used to bolster sales and marketing, expand its engineering team, extend support services for existing customers, and integrate more premium financial data into its platform-as-a-service.
Klinck said: “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.
“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 analyse it at unbelievable speeds, and the tools to create a user experience that’s simple for anyone.”
Elsen’s nPlatform claims to enable financial institutions to build applications that let any user analyse data in minutes, not days, so they can transform traditional investment workflows, strategies and results.
Its 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, by using machine learning and artificial intelligence it can provide substantial time savings by automating common workflows and data discovery.
Back in May, Hyperlane Venture Capital joined a $9m financing round for real-time commerce platform for banks Numerated Growth Technologies. The investment was co-led by Cultivation Capital FinTech and Venrock with Eastern Bank, FIS, First Federal Lakewood, and Bright FinTech also participating.
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