Simudyne, a simulation technology company, has closed a $6m Series A fundraise led by Barclays alongside Graphene Ventures, an early investor in Snap and Lyft, and Gauss Ventures, whose team were early investors in Revolut and Tandem. The investment brings the total capital raised since Simudyne was formed to $10m.
With a 600% year-on-year increase in revenue in 2018 following the addition of new global banking clients, Simudyne has grown to 30 staff members including six PhDs with expertise across fields such as market simulation, fraud detection and risk management.
The new funds will help Simudyne continue to invest in world-class talent and accelerate its engagement with the financial services sector. It will also continue to expand the application of its enterprise-ready software beyond bank stress testing, financial risk and contagion management. New applications include market execution as well as anti-money laundering.
Simudyne reckons that traditional modelling approaches no longer capture the complexity of our dynamic world. Using agent-based simulation, it’s technology helps clients to quickly and easily simulate millions of scenarios. They can then test drive their decisions, fail fast without consequences and gain the foresight they need to drive growth.
“Simudyne technology is proven to help banks solve challenges such as understanding market contagion, stress testing and simulating market execution”, said Justin Lyon, CEO of Simudyne.
“We will build on our current growth trajectory by driving client acquisition within financial services while entering attractive new sectors later this year. Simulation will be a multi-billion-dollar market within the next five years and we will be best positioned to capitalise on that opportunity.”
Andy Challis, managing director, principal investments at Barclays, said: “Partnering with high-growth fintech companies like Simudyne is core to our technology strategy. As its adoption becomes more widespread, Simudyne’s platform will ultimately help cultivate a stronger, more efficient tech-enabled financial services sector.”