Analytics platform 9fin has raised $23m (£18.8m) in Series A+ funding, despite not setting out to raise fresh capital.
9fin’s software uses computer vision and machine learning to bring together data from across the internet – including news stories, documents and social media posts – to provide intelligence on debt capital markets.
Its platform is used by investment banks, law firms and asset managers to view a centralised stream of information, along with market predictions.
The funding round was led by Spark Capital. Pevious investors Redalpine, AI Seed, Seedcamp, 500 Startups, and Ilavska Vuillermoz Capital also provided capital, bringing the total raised by 9fin to almost $37m (£30.2m),
“We didn’t set out to fundraise, but when we spoke with Alex and the team at Spark, they were incredibly enthusiastic about the business and their culture and operating experience is a great fit for us,” said Steven Hunter, CEO and co-founder of 9fin.
London-headquartered 9fin will spend its £18.8m Series A+ on growing the US customer base for its products and adding “new asset classes”.
Steven Hunter and El-Sheikh founded 9fin in 2016.
Alex Finkelstein, general partner at Spark Capital, said: “Debt capital market teams have been analyzing data the same way since the 1980s. Information on companies which borrow debt is opaque, unstructured, and slow to be distributed.”
Finkelstein is joining 9fin’s board as part of the deal. The raise follows an £8m Series A in October last year to fund the opening of its New York Office.