Thinknum gets $11.6m funding for alternative data platform
Thinknum, a provider of web-sourced alternative data, is announcing a $11.6 million Series A funding round.
Participants included Green Visor Capital, one of the original investors in the firm’s $1 million seed round in 2014.
Thinknum will use the fresh capital to fund its continuing growth
Thinknum will use the fresh capital to fund its continuing growth and allow it to further penetrate the institutional investment community and corporate market.
Its Software-as-a-Service (SaaS) platform consolidates unstructured data sources available as a result of online commerce and other web-based activity and ultimately make better, data-driven decisions.
Examples of Thinknum’s intelligence include anticipated performance of retailers derived from analysing median income levels near individual store locations, and analysis of a company’s performance based on Glassdoor’s ratings of the CEO.
It targets those responsible of allocating capital, the firm says, from “quantamental”-style investors to corporate strategy groups seeking an edge on the competition.
According to Greenwich Associates, 50% of institutional investors plan to increase their usage of alternative data in the coming year.
“Over the past several years, we have seen a tremendous response from the early adopters in the financial and corporate communities who understand the power of alternative data and the potential for what datasets from firms like Thinknum can provide,” says Justin Zhen, co-founder and president of Thinknum.
Thinknum has clients like Barclays, Goldman Sachs, Cowen and Bank of America Merrill Lynch.
