Data engineering tech company Duco has raised $28m in a Series C round.
The company drew investment from Insight Venture Partners, NEX Opportunities and Eight Road Ventures.
Cristobal Conde, the former CEO of SunGard and serial entrepreneur, also participated in the round.
Duco provides technology to enable financial services firms to normalise, validate and reconcile data in its cloud.
Christian Nentwich, CEO of Duco, commented: “Duco’s approach to solving complex data problems in financial services is to empower experts with self-service solutions. We have gained considerable traction as the industry looks for intelligent answers to evolving new market realities.
“Our clients have engaged us globally at a strategic level and are relying on our proven ability to deliver at scale. This investment enables us to push further in applying our natural background in Computer Science to solving fundamental industry problems, while strengthening our resources to deepen relationships with our existing client base.”
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The company will use the money to expand its global footprint – seeking to grow its headcount in Europe and the US. It’s also looking to open an office in Asia.
Peter Sobiloff, managing director of Insight Venture Partners, added: “Insight Venture Partners tracks many companies, but few stand out. Duco is one of the few. The company has already demonstrated tremendous growth, and we are looking forward to scaling that growth to the next level.
“We are impressed by the management team’s ability to deliver tangible impact in a challenging and complex business-to-business environment while amassing an impressive global client list with high customer satisfaction levels and retention rates. Insight is looking forward to working with the Duco team,” concluded Sobiloff.
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