Beacon Platform Inc., a NYC-based vendor of cloud-based enterprise technology and capital markets software solutions, closed a $20m Series B funding.
The round was led by Centana Growth Partners, with participation from existing investors, PIMCO and Global Atlantic.
The company will use the new capital to expand operations and product development.
Founded in 2014 by Kirat Singh, CEO, and Mark Higgins, COO, Beacon is an application development platform designed for capital markets which enables its customers to securely build, test and deploy applications in the cloud. Its pre-built applications, financial development toolkit, transparent source code and seasoned team of engineers enable customers to quickly go-live with applications which span from the front- to the back-office. Customers, including global banks, asset managers, insurers and commodity trading firms, have saved time and money, improved productivity and created customized solutions without the engineering effort and cost of building in-house. The company has grown its user base over the past 12 months and expanded its global client base, which now includes Commonwealth Bank of Australia, Shell New Energies and SMBC Capital Markets, Inc.