Alternative Data Platform Thinknum Raises $11.6 Million

“I still think I’m the first person with dreads to raise $11.6 million.”

That’s how Gregory Ugwi, co-founder and CEO of alternative data provider Thinknum, summed up the company’s just-closed Series A funding round in a tweet earlier today. The firm, which made its Finovate debut at FinovateFall 2014, enables investors to access non-traditional data on company performance and behavior that can provide actionable insights.

“Over the past couple of years, we have helped hundreds of data-driven companies and investment firms derive valuable insights from alternative data,” Thinknum co-founder Justin Zhen wrote at the company’s LinkedIn page today. “We believe that the greatest challenge any society has to face is how to efficiently allocate resources. The movement of commercial activity to the web provides important data sources that businesses need to make smarter decisions.”

He added, “By helping companies track that data, we’re helping businesses make critical strategic moves ahead of their competitors.”

Thinknum gives non-programmers the ability to query large datasets quickly, using intuitive tools and advanced visualizations to make data easier to understand. The platform enables users to scan open source data on 400,000+ of companies, and alert users when specific metrics are triggered.

Today’s funding comes as the company announces that it has been cash flow positive for “the past few years” and doubling revenues every twelve months. Green Visor Capital led the Series A, which takes Thinknum’s total capital to $12.6 million.

The company plans to use the new capital in three main areas: make it easier for non-programmers to use external, alternative data; build its business and engineering teams; and “spread the word” about the actionable insights available via alternative data.

“We will continue to share our economy-changing findings with the world and reach out to decision makers and analysts and show how they can leverage these new information sources to solve their specific problems,” Zhen wrote.

Founded in 2013, Thinknum was featured last fall in TechCrunch’s look at 14 seed-stage startups. The company, which includes Barclays, Goldman Sachs, and Bank of America Merrill Lynch among its clients, is headquartered in New York City.

Finovate Alumni News

On Finovate.com

  • Alternative Data Platform Thinknum Raises $11.6 Million.
  • SigFig Appoints Anne Morrissey as its First CFO.

Around the web

  • Modo taps Matt McBride as its new Chief Information Security Officer.
  • eToro to end commissions for U.K. customers trading on its platform.
  • Avaloq joins Enterprise Ethereum Alliance.
  • Kofax launches its Robotic Process Automation (RPA) 10.4 solution.
  • Vymo wins FICCI (The Federation of Indian Chambers of Commerce) Award for Innovation in Artificial Intelligence and Data Analytics.
  • TurnKey Lender opens new office in Malaysian capital, Kuala Lumpur.

This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.

Finovate Alumni News

On Finovate.com

  • Envestnet | Yodlee to Support Morgan Stanley Wealth Management Business.
  • True Link Financial Lands $3.6 Million Investment.

Around the web

  • Backbase to power commercial banking platform for Metro Bank.
  • Crowdfund Insider features OurCrowd’s Jon Medved.
  • CNBC interviews Thinknum co-founder Justin Zhen.
  • Coverhound announces new partnership with pay-per-mile auto insurance innovator, Metromile.

This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.

Finovate Alumni News

On Finovate.com

  • “The Way to San Jose: FinovateSpring Has Sprung!”

Around the web

  • CFO interviews Michael Levine, Payoneer‘s Chief Financial Officer.
  • The Ruby Rogues talk with Ruby-developer Greg Baugues of Twilio.
  • Entrust Datacard announces EMV instant-issuance milestone of more than 10 million cards issued in the U.S. in one year.
  • Benzinga interviews Justin Zhen and Gregory Ugwi, Thinknum co-founders.

This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.

Finovate Alumni News

On Finovate.com

  • “T. Rowe Price, Fidelity Lead $130 Million Investment in Twilio
  • “i-exceed Unveils Appzillon 3.1 with Enhanced Security, UX”
  • “Radius Raises $50 Million in Round Led by Founders Fund”

Around the web

  • Daily Fintech profiles financial analysis platform, Thinknum.
  • Patch of Land adds commercial real estate to its crowdfunding platform.
  • CR2 appoints Tammo van Leeuwen as market strategy director.
  • NerdWallet looks at Wealthfront, Betterment, FutureAdvisor, Personal Capital, and Vanguard in feature on how automation disrupts investing.
  • Dough Roller features FutureAdvisor as a free service to manage your child’s college fund.
  • Battery Ventures, a tech-focused investment firm, has agreed to acquire Physical Security Business Unit, part of the security division of NICE Systems in a deal valued up to $100 million.

This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.

HedgeCoVest Takes Top Honors at 2015 Benzinga Fintech Awards

benzinga_fintech_awards_philip3

The votes are in! HedgeCoVest is the winner of the Overall category at the 2015 Benzinga Fintech Awards.

HedgeCoVest earned its first-place award at the Benzinga Fintech Awards Gala Event held earlier this month in New York City. The company picked up 5 million ad impressions and a one-year license to the Benzinga Pro Real-Time News & Data feed. Second- and third-place prizes were also awarded.

In attendance at the event were more than 50 CEOs, more than 100 fintech companies, about 20 venture capital firms, 10 major U.S. retail brokerages, and four fintech accelerators, as well as a host of press and media.

HedgeCoVest also performed well in individual categories, winning the Alternative Investment category, and earning runner-up recognition in the Most Disruptive category. Finovate alums taking home individual awards are listed below. See a full list of all winners, runners-up, and finalists.

Betterment: winner: Robo Advisor Tools, Founder of the Year (Jon Stein); runner-up: “A Penny Saved, A Penny Earned”

iBillionaire: finalist: Idea Generation Creating Proprietary Data

iQuantifi: finalist: Robo Advisor Tools, “A Penny Saved, A Penny Earned,” Idea Generation Strategy

LikeFolio: winner: Idea Generation Research Platforms & Tools

Market Prophit: runner-up: Idea Generation Creating Proprietary Data

Motif Investing: winner: Most Disruptive; finalist: Founder of the Year (Hardeep Walia), Alternative Investment

Personal Capital: runner-up: Idea Generation Strategy; finalist: “A Penny Saved, A Penny Earned”

Thinknum: finalist: Best Use of the Crowd, Most Promising Startup

TipRanks: winner: Idea Generation Trade Recommendations

Trunomi:. finalist: Best Enterprise Solution

Benzinga Unveils Fintech Award Finalists; 12 Finovate Alums Featured

Benzinga_Logo.jpg

On April 8th, the Finovate blog might be the second best place to find Finovate alumni.

The best place could actually be in New York at the Benzinga Fintech Awards where a dozen Finovate alums have been named as finalists to compete for Benzinga’s first, second, and third prizes, as well as honors for best in category. More than 115 companies competed to reach the finals in pursuit of the title of “Most Innovative Fintech Company.”

benzinga_fintech_finalists_collage_2015.jpg
The first, second, and third place winners will earn ad impressions:
5 million for first, 1.5 milion for second, and 1 million for third.
The top three companies will also win licenses to the Benzinga Pro Real-Time News & Data Feed:
1-year for first place, 6-months for second, and 1-month for third.
The initial 115 companies were chosen by Benzinga readers. Making the final vote for top three will be event judges Steve Ehrlich, CEO of Honos Financial; Ron Insana, senior analyst, CNBC; Andrew Ackerman, managing director, Dreamit; Charlie Kroll, former CEO and founder of Andera; and Josh Brown, CEO of Ritholtz Wealth Management.
Below are the finalist categories, as well as the Finovate alums in each.
Idea Generation
Data
Trade Recommendation
Research
Strategy
Investment Vehicle
Alternative Investment
Special Categories
Best Enterprise Solutions
Best Use of the Crowd
Founder of the Year
  • Hardeep Walia, Motif Investing
  • Jon Stein, Betterment
Most Promising Startup
  • Thinknum
A Penny Saved, A Penny Earned
  • Motif Investing
  • Betterment
  • Personal Capital
  • iQuantifi
Most Disruptive
  • Motif Investing
  • HedgeCoVest

Alumni News– November 21, 2014

  • Finovate-F-Logo.jpgUmbrella.co.uk migrates client base of 1,000+ freelancers and contractors to the FreeAgent platform.
  • Uber helping drivers manage and pay back their student loans by partnering with Tuition.io.
  • Actiance recognized in Gartner 2014 Magic Quadrant for Enterprise Information Archiving.
  • Bloomberg: CAN Capital to weigh IPO with up to $2 billion value.
  • Intuit’s Quickbooks and Xero coming to Square App Marketplace.
  • PayStand sets flat fees for e-check payment option.
  • Virtual Piggy, provider of Oink, launches the Oink Discover prepaid card for teens.
  • Fiserv links its Popmoney P2P payment solution to charitable giving.
  • Yodlee wins top honors at Citi Mobile Challenge Latam 2014.
  • Bazaarvoice announces plans to relocated to new corporate HQ in North Austin.
  • Kashoo announces enhancements to its web app, including more P&L options and increased security.
  • VoiceTrust launches strategic partnership with German biometric cloud security company, BioID AG.
  • The Washington Post features Bionym’s Nymiband.
  • Accenture mentions Thinknum as an innovation that is helping to change the banking industry.
This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.

Alumni News– October 27, 2014

  • Thumbnail image for Thumbnail image for Thumbnail image for Thumbnail image for Thumbnail image for Thumbnail image for Thumbnail image for Thumbnail image for Finovate-F-Logo.jpgFeedzai and Encap Security team up to combine behavioral profiling with device credentialing to build better security for banks and merchants.
  • CB Insights lists Nutmeg, TransferWise, The Currency Cloud, and Azimo among the 10 top fintech startups from the UK.
  • The Guardian Money section looks at peer-to-peer lender including Zopa.
  • TWiST (This Week in Startups) interviews FutureAdvisor Co-Founder and CEO Bo Lu.
  • Prosper reaches $2 billion, reaching the second billion dollars in just 6 months.
  • Payment processing solutions provider, Bill2Pay, partners with PayNearMe to digitize cash collections.
  • The Australian Business Review features Matt Symons, SocietyOne co-founder.
  • EVO* Snap launches mPOS Solution Supporting Apple Pay and EMV Globally.
  • MedicalMine and Bluefin Partner for Integrated Patient Payments.
  • Check out our feature on Xignite: Inspiring the Future of Finance with Easy and Speedy APIs
This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.

Finovate Debuts: Thinknum

The Finovate Debuts series introduces new Finovate alums. Today’s feature is Thinknum, which demonstrated its collaboration and comparison tools for financial analysis.

ThinknumLogo

Thinknum’s web-based software is targeted to financial analysts. The collaboration and cloud-computing tools help build better financial models. It seeks to revolutionize asset valuation and empowers analysts to turn complicated spreadsheets into in-depth analyses.

Stats
    • 4,000 analysts on platform
    • $1 million raised
    • Product launched December 2013
The problem
To more accurately value stocks, sophisticated investors create financial models based on metrics such as company sales, website page views, and global events such as spikes in food prices. Often, analysts use simple spreadsheets which can be inefficient in managing complicated data.
Most financial models are shared by email, with different versions saved on various hard drives leading to lost content, mis-used models, and other confusion. Additionally, finding specific data points by sorting through spreadsheets is cumbersome.
Enter Thinknum.
The solution
Thinknum provides analysts with a platform to host their spreadsheet-based models. Users can either upload existing models from Excel or build them directly on the platform. Powerful search capabilities enable users to apply a single model to multiple companies, automatically aggregating company-specific information, such as earnings and revenue.
ThinknumSpreadsheet
Additionally, Thinknum serves as a collaboration platform where 4,000 analysts from major banks and hedge funds across the globe can share and tweak each others’ models using different assumptions.
What sets Thinknum apart? 
1) Computing power
With an overwhelming amount of data and hundreds of APIs created every day, it is impossible to capture all of the information needed for an accurate model. Even if it were possible, analysts would still lack the computing power needed to crunch the numbers in the model. Thinknum’s 50 computing nodes deliver results in seconds, pulling data from thousands of sources.
2) Crowdsourced insights
Similar to Github, Thinknum gives users visibility into the work of other analysts on the platform. This provides insight into how others value certain companies, and can lead to better financial models.
The example below shows how other analysts, listed along the bottom, value Google. The bubbles represent each person’s valuation based on their personal financial model. 
ThinknumModelsPage
From here, analysts can open the model, view its performance, or use the QuickBuilder feature.
With QuickBuilder (below), investors can test their models by simulating the effect of changes in inputs, such as company revenue and cost of goods sold, have on the overall stock price.
ThinknumQuickbuilder
Thinknum’s capabilities extend beyond the QuickBuilder feature. It also provides graphs detailing data from over 2,000 sources such as home prices, construction spending, and the unemployment rate.