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Adventity, a Mumbai, India company that provides research and analytics to the investment banking, mortgage and financial services industries, has raised $20 million as part of a second round of funding from a group of investors led by Norwest Venture Partners.

Adventity provides what is now being called “knowledge process outsourcing.” The company says the KPO market could reach reach $17 billion by 2010.

Dan Primack reports more about what this means for the folks on Wall Street.

According to the company’s annnouncement:

Adventity’s KPO solutions encompass both quantitative capabilities such as financial modeling, comparable valuation analyses and data mining, and qualitative services such as broad researching and industry profiling.

“To move up the value chain, India needs to be focused on offering high-value, high-impact differentiated services that require deep domain expertise and provide significant barriers to entry. Adventity is a perfect example: a next-generation services company that fits this description, and it has been a rising star since its inception in 2003. Adventity’s innovative services and the strength of its management team are driving the company’s phenomenal growth,” said Promod Haque, managing partner, NVP. “Adventity has quickly emerged as a force in the Knowledge Process Outsourcing (KPO) industry. With a highly-skilled professional workforce and a value-added approach, Adventity offers the highest level of research and analytics services for the financial services industry.”

Adventity has more than 2,000 employees globally.