Elsen, a Boston, MA-based SaaS Big Data platform for large financial institutions, raised an additional $2.4m in seed funding.
The round, which brings total funding to $2.9m since inception in 2014, was led by Hyperplane Venture Capital with participation from Accomplice, Launch Capital and 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 Elsen’s board of directors as Chairman.
The company intends to use the funds to bolster sales and marketing, expand engineering team, extend support services for existing customers, and integrate financial data into its platform.
Led by Zac Sheffer, co-founder and CEO, Elsen provides nPlatform, which enables financial institutions to build applications that let any user analyze data quickly, so they can improve traditional investment workflows, strategies and results. Through relationships with vendors in the financial services industry – such as Thomson Reuters, MSCI, and Standard & Poor’s – Elsen provides access to thousands of data sets. Financial institutions that build applications on nPlatform can use pre-integrated financial datasets or upload their own, and the company’s technology then enables them to work with and analyze this financial data via a custom programming language and a massively parallel processing architecture designed for high-performance computing.
Elsen’s technology is already being used by financial firms and investment professionals around the world. In April, the company launched Thomson Reuters QA Point Powered by Elsen, the first commercial application built on Elsen nPlatform. It was first introduced to Thomson Reuters customers in North America, and due to overwhelmingly positive feedback extended to clients and customers worldwide.