Percipient will use the funding to accelerate R&D and hiring efforts, as well as expand operations
Singapore-based data startup Percipient has raised S$1 million (US$713,000) in a seed round led by angel investors, three of whom previously headed Citigroup’s IT operations.
They are Mark Torkos, a partner at PruVista Capital who previously served as Chief Information Officer for Citigroup’s global consumer group; Scott Tanguay, another partner at PruVista Capital who was previously Citigroup’s Head of Operations for its Global Consumer Bank; and Thomas Burke, executive chairman for insurance software company Stone River, and headed the Operations and Technology function for Citigroup’s Global Consumer Investments.
Percipient will use the newly-raised capital to accelerate R&D and hiring efforts, as well as expand operations in APAC and establish an office in US.
Founded in 2014, the data startup specialises in helping companies integrate data from multiple and heterogeneous data sources, including APIs, blockchain, and IoTs seamlessly and safely — and without the need to create multiple copies.
One use case of this would be helping banks reduce the processing time of customer credit scores needed to support high volume online overdraft facilities from four days to 30 minutes.
This seed round marks the company’s first external injection of cash. Navin Suri, CEO of Percipient said that he and his co-founders chose to bootstrap until they were able to complete their first product trials at several large financial institutions. They believe this helped Percipient win the trust and confidence of their investors.
Image Credit: Percipient
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