A Belfast-headquartered data services provider has secured £2.5m in an investment round led by Clarendon Fund Managers. As part of the round, the company secured a boost from the Investment Fund for Northern Ireland's equity arm.
INQDATA is focused on scalable, high performance data ingest, infrastructure management, storage, preparation and data access for market data across capital markets.
The £2.5m round included £750,000 from the fund's equity arm, representing its first deal, with additional investment from Iona Star Capital and Techstart Ventures.
Theodore Voegt, INQDATA chief executive, said: "To maintain a competitive edge, it is a strategic imperative for firms to adopt a modern technology stack that fosters business growth. Our high-performance, cost-effective market data-as-a-service solution allows firms to accelerate time-to-value and reduce their total cost of ownership.
"We are proud of our deep Northern Ireland roots and really see Belfast and Newry as global centres of excellence. While our sales teams will be based in London, which is where our clients mostly are, we will certainly have a strong foothold in Northern Ireland.''
"This investment marks a tipping point for us, and we feel very privileged to have the backing and support of the Investment Fund for Northern Ireland through Clarendon Fund Managers, Iona Star Capital and Techstart Ventures."
Clarendon Fund Managers investment director Brian Cummings added: "INQDATA's technology is a game-changer for both financial data vendors, as it makes their datasets more easily accessible, while also transforming how financial institutions not only accelerate time-to-insights to find an edge but also reduce data management costs.''
"Supporting innovative companies like this is exactly what the Investment Fund for Northern Ireland was created for, and I am delighted to be working with the team at INQDATA and seeing where this exciting journey leads to."
British Business Bank director, Nations and Regions Investment Funds, Mark Sterritt, said: "INQDATA has all the ingredients to be a great success. They have a team of experts who have come together with the aim of solving a real issue for the industry."
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