Data-as-a-service (DaaS) startup DemystData received $12.5 million in a Series C round co-led by MissionOG and Notion Capital. Singtel Innov8 also participated in the round, which raises the New York-based company’s total funding to $31.5 million.
DemystData will use the funds to further develop its data platform, bolster its workforce, and increase data onboarding. The company offers an alternative data marketplace that helps banks and businesses protect themselves against fraud using email and address verification, criminal history information, and data on negative online sentiment. Leveraging its third party data warehouse, DemystData also offers property information for risk underwriting, as well as commercial marketing segmentation.
In 2018, DemystData launched its API-based external data platform. The data-as-a-service tool helps bank’s data teams improve their growth, risk, and compliance workflows.
“This is an exciting time for us,” said DemystData Founder and CEO Mark Hookey. “Data demand is growing from AI, digitization, and faster innovation cycles. Clients are rapidly adopting platforms to meet data compliance needs, support testing, and eliminate the friction from the external data.”
With AI evolving into a hot topic these past few years, data services have become increasingly popular. DaaS companies such as DemystData are fueling the AI era by breaking down silos of big data and creating a type of subscription service for live data streams. These information services companies allow firms to break outside of their internal data sources by accessing real-time data streams.
This information services vertical is a $50 billion market. In the past four years, the number of enterprises demanding information services rose from 17% to 59%. “Over the past 12 months we have doubled ARR, tripled our data access, and tripled our client base,” added Hookey.
At FinovateAsia 2012, DemystData debuted Credit-in-a-Box, a suite of tools that help banks leverage big data to make better lending decisions. Among the company’s competitors are Alpine Data Labs, TIBCO, and MX.