Beacon Platform, Inc., a global financial technology company, announced on Monday it has closed its Series A funding round, led by PIMCO, as previously announced. Global investment bank Barclays, as well as the Global Atlantic Financial Group also participated in the funding round.
Since its launch in 2014, Beacon reported it has established itself as a leader in secure, cloud-based platform technology for the financial services industry. The company licenses its developer platform, infrastructure services, and front office applications to institutional clients and its clients include global investment banks, asset managers, insurance companies, and commodities trading firms.
“Beacon delivers an integrated data and financial analytics platform where quants and developers can write and test their code, run their analytics in production, access elastic compute, and build and deploy applications. All transparently tied into the power of cloud computing to reduce fixed infrastructure costs and rent compute only when you need it.”
Mark Higgins, COO of Beacon, stated that the funding round represents an important milestone in its vision of building the first operating system for finance. Kirat Singh, CEO of Beacon also commented:
“The investments in our Series A funding round offer a strong validation of Beacon’s business model and our platform’s capabilities. Our investors’ extensive knowledge, experience, and strong relationships will help us enhance our platform and provide innovative products and services to all of our customers.”
Guy Saidenberg, Global Head of Distribution and Structuring at Barclays, added:
“Barclays is excited to support Beacon through this investment as they grow their engineering team and expand the platform’s capabilities. Work to date conducted by our developers and data scientists has demonstrated significant potential for the platform. We look forward to helping further improve these tools as the ability to leverage data and digital assets becomes increasingly important in the financial services industry.”