Data technology provider Duco has bagged a $28m investment from investors including Insight Venture Partners and NEX Opportunities.
Other backers to the round included Eight Roads Ventures and former SunGard CEO Cristóbal Conde.
London-headquartered Duco develops self-service data engineering all in the cloud, helping clients to normalise, validate and reconcile any data type on demand. Through the technology, businesses are able to gain data insights and remove the operational risks and costs of making data available across the company.
Duco’s platform is used in a range of industries including international banks, brokers, exchanges, asset managers, hedge funds, administrators, service providers, and corporates.
The capital from this round will support Duco with expanding its global footprint and increasing its team size in Europe and the US. Alongside this, Duco is looking to launch an office in Asia and bolster its product portfolio.
NEX CEO Michael Spencer said, “The evolution of the post-trade environment in financial services requires fundamental changes in market structure, processes and technology. In areas such as data, a deeper and more technical level of innovation has been required and this is exactly where Duco are the industry’s pioneers.”
Earlier in the year, it was reported that data governance and management startup Collibra had received investment proposals from Insight Ventures, but in the end, it did not contribute to the company’s $58m Series D.
Late last year, Insight picked up a minority investment in PrecisionLender, which is a pricing platform for banks. In November the firm completed another FinTech investment, leading the $25m Series E of cybersecurity platform Recorded Future.
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