Enigma Raises $4.5M To Derive Insights From Public Data
Enigma is pleased to announce that we’ve completed a $4.5M Series A financing round to continue building the world’s most comprehensive platform for accessing and analyzing public data. The round is led by Comcast Ventures, and includes participation from American Express Ventures, Crosslink Capital and the New York Times Company.
Since Enigma’s public launch at Techcrunch Disrupt NY last year, we’ve announced partnerships with academic partners such as Harvard Business Schools and Stanford Libraries, worked with several large companies to identify how public data can improve their business processes, and completely rebuilt our web application. This funding will help us continue these activities and give us the flexibility to expand and improve our services.
“This year is really going to be about developing the public data graph, which is really our marquee huge next iteration,” explains co-founder Hicham Oudghiri. “What we’re trying to do is not only collect all this information but interpret it. We think that we’re pretty far in terms of clearing those obstacles ahead of us, technologically, and we’re just super excited to have partners who believe in that vision and that goal.”
Enigma’s investors encompass a wide variety of business models and sectors, demonstrating Enigma’s dedication to creating a truly cross-disciplinary research and analysis platform. “The New York Times used Enigma to break stories for journalistic purposes, as have many other news agencies as well,” Enigma co-founder Marc DaCosta said in an interview with VentureBeat. Meanwhile, from the perspective of a financial services company, “You could look up a person or a company and essentially have a kind of dossier about them or their connections, because you have this data resource to draw upon,” DaCosta said.
While Enigma’s list of clients grows by the day, increasing revenue is only one of our many short-term strategic goals. “The focus from our investors is less on profitability and more on size and quality of the deals that are coming through, and the partners we’re signing up,” said DaCosta. “We’re very happy in that regard, and we haven’t felt a crush to make this an all-out SaaS business or anything yet. Public data as an industry is still very early. Everyone knows there’s an extreme amount of value there, but we’re really in that first phase of the cycle where players like us and like our clients will start to put that first set of use cases on the table.”
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