Elsen, a Platform-as-a-Service company for large financial institutions, announced on Monday it has raised $2.4 million in a seed extension round led by Hyperplane Venture Capital with participation from Accomplice, Launch Capital and hand-picked angel investors.
Founded in 2014, Elsen stated its nPlatform enables financial institutions to build applications that let any user analyze data in minutes, not days, so they can transform traditional investment workflows, strategies, and results. According to the Boston-based company, the investment brings its total funding to $2.9 million. Jack Klinck, managing partner at Hyperplane Venture Capital, shared:
“Financial services firms run on decades-old technology because of the industry’s conservative nature and the potential downtime and risks of migrating to new systems. But with digital transformation being a top priority across industries, financial institutions are running out of time and have to adapt now. Investment professionals simply need better ways to access and use data, and that’s exactly what Elsen delivers. Its unique platform-as-a-service provides instant access to premium financial datasets, proprietary technology to analyze it at unbelievable speeds, and the tools to create a user experience that’s simple for anyone.”
The company also noted:
“According to a survey by EY, 83 percent of banking, capital markets, insurance, and wealth and asset management professionals agreed that data is their most valuable strategic asset. However, financial firms face numerous challenges in extracting value from data, including legacy infrastructure still used throughout the industry, and a shortage of skilled data professionals. In fact, only 26 percent of respondents rated their organization as highly mature in terms of its ability to realize value from data assets. In addition, only 22 percent rated their organization highly mature in terms of its relevant data skills and human capital.”
Funds from the investment round will be used to bolster sales and marketing, expand Elsen’s engineering team, extend support services for existing customers, and integrate more premium financial data into its platform-as-a-service. Klinck will also join the company’s board of directors as Chairman.