Goldman Sachs has invested about $10 million to Crux Informatics, Inc. Crux Informatics Inc is a U.S.-based company that provides services for financial institutions., helping to process big data and fulfill their business vision.
Crux is a San Francisco-based company that provides what they call a “data engineering concierge service” that lets businesses get value from undefined data efficiently. In today’s fast world, most data is analyzed automatically through software like artificial intelligence programs. Crux organizes companies data to make it more understandable. The company has expertise in analyzing financial data for banks, hedge funds, and financial firms, which is probably attracted Goldman Sachs.
“The emergence of unstructured data as an important input into the investment process creates a great opportunity for financial institutions, but only if actionable insights can be extrapolated from it,” said Darren Cohen, global head of Goldman Sachs’ Principal Strategic Investments Group. “Crux’s innovative approach, coupled with their deep expertise in financial services and capital markets, brings economies of scale that will allow companies to be more agile, inventive, and effective with data.”
Crux Chief Executive Philip Brittan mentioned: “We take on the burdensome and non-differentiating aspects of our customers’ information supply chains, so they can focus on what really matters for their business,” he said, adding that the company strives to “make data delightful.”
The company is not very old but just started almost a year ago and got its first clients in the summer,” Brittan said.
The company also has strategic investors that participated in the funding round, but they didn’t disclose their names. Crux is getting work from a lot of financial institutions with demanding needs, like managing and analyzing data, who need more efficient data management processes.