DemystData Lands New $7 Million Round
Thursday, October 27, 2016
(Finovate by Julie Muhn) – Data-as-a-service company DemystData announced this week it closed a $7 million Series B round led by MissionOG. Notion Capital and Singtel Innov8 also contributed to the round, which boosted the New York-based company’s total funding to $16 million.
DemystData will use the funds to build its team and expand data partnerships in order to meet increased demand in the U.S. and Asia. The company leverages big data pulled from in-house and online sources to help banks make informed decisions, improve the user experience, and decrease risk. DemystData counts some of the world’s largest banks and insurance companies across 10 countries as customers.
In a press release, the company’s CEO Mark Hookey said the company is, “helping clients cut risk by up to 60% and increase acceptance and straight-through processing rates to convert more customers.” He continued, “We provide the key to accessing valuable data 10 times faster while adhering to increasing privacy constraints.”
