NEWS30 August 2012

DemystData gets funding for data analysis

Financials North America

US— Data analysis firm DemystData has received an undisclosed amount of Series A funding from venture capitalist Arbor Partners Asia and global non-profit Accion.

DemystData founder and CEO Mark Hookey said that the funding would be used to hire more engineers and data scientists to meet the demand for its services. The firm’s technology is aimed at clients within the financial sector and analyses online data about consumers and small businesses.

Hookey (pictured) said: “This investment will bolster our ability to develop products that allow financial institutions to leverage some of the world’s newest data sources and gain instant access to deeper customer profiles.”

Arbor Partners Asia’s founder Melissa Guzy added: “Demyst’s solutions can provide business-ready insight to change the way financial institutions evaluate consumer credit risk and gain nuanced understanding of their customers.”