Big data analytics startup Quantexa today closed a $64.7 million financing round at a valuation “well north of a quarter billion dollars,” which a spokesperson told VentureBeat will be put toward accelerating the company’s product roadmap and expansion in Europe, North America, and Asia Pacific regions. It comes after a year in which Quantexa landed customers like SBC, Standard Chartered Bank, and OFX and expanded the availability of its platform to more than 70 countries.
Enterprises have multiple data buckets to wrangle — upwards of 93% say they’re storing data in more than one place — and some of those buckets inevitably become underused, partially used, or forgotten. A Forrester survey found that between 60% and 73% of all data within corporations is never analyzed for insights or larger trends, while a separate Veritas report found that 52% of information stored by organizations is of unknown value. The opportunity cost of this unused data is substantial, with the Veritas report pegging it as a cumulative $3.3 trillion by the year 2020 if the current trend holds.
Quantexa uses AI tools to uncover risk and opportunities by providing a view of data in a single place, solving challenges across financial crime, customer intelligence, credit risk, and fraud. The company’s contextual decision intelligence platform connects up to over 60 billion of internal and external data points to create a single overview, enriched with information about relationships between people, organizations, and places.
Quantexa’s entity resolution technology connects internal and external data sources without unique match keys, in real time or batch, and generates a single enterprise-wide portal of profiles even with poor data quality. Network generation links resolve entities into a network of relevant, real-world connections, producing different networks for different use cases that reveal the context of how people, organizations, places, and transactions relate to each other.
On the analytics side, Quantexa leverages resolved entities and network context to build features, scenarios, and models, increasing accuracy. It helpfully manages dependencies between scores, alerts, and data and develops analytics that can be run dynamically, with interfaces supporting a range of languages and libraries. The platform also delivers visualizations that enable thousands of users to search, graph, and explore content while investigating and thematically analyzing it in a single dashboard and reviewing flags within a context, highlighting points of interest.
For one insurance customer, Quantexa says, it helped operationalize data to uncover the connections between events, such as claims and policy renewals, as well as people, places, and organizations. It’s scaling to large data records and using context to provide actionable information for investigators and underwriters, providing teams with a view of all customer data while offering risk assessment services and self-service options.
Quantexa says that its platform is live in production in over 70 countries and serving over 5,000 end users. Its roughly 30 customers, who have one to seven licenses each, drove annual recurring revenue to £17.5 million ($22.3 million) as of March 2020.
Quantexa says the funding round announced this week — a series C that brings its total raised to date to $90 million — was led by Evolution Equity Partners with “major participation” from investors Dawn Capital, AlbionVC, HSBC, and ABN AMRO Ventures. As a part of it, Evolution Equity Partners founding and manager partner Richard Seewald joined the board of directors.
Founded in 2016, Quantexa now has over 250 employees across offices in New York, Boston, Belgium, Toronto, Singapore, Melbourne, and Sydney. It’s headquartered in London.