Deals Digest: PH-focused Parallax, Israeli data analytics firm SQream raise funds

Deals Digest: PH-focused Parallax, Israeli data analytics firm SQream raise funds

Photo: REUTERS/Beawiharta

PH-focused, cross-border payments startup Parallax has raised $4.5m in seed funding, while Israel-based data analytics firm SQream secures $45 million in a Series C round.

PH-focused, US-based payments startup Parallax raises $4.5m

Cross-border payments provider Parallax has announced raising $4.5 million in a seed funding round anchored by crypto-focused venture capital firm Dragonfly Capital.

The round was also backed by Circle Ventures, General Catalyst, Cryptos Capital, Palm Drive Capital, Comma Capital, Firsthand Alliance, and several angel investors including executives from Coinbase and Brex.

The US-based, Philippines-focused startup, co-founded by Mika Reyes and Alex Kuang, enables freelancers and remote workers to accept near-instant international payments at cheaper cross-border transaction rates.

The platform seeks to address the challenges—high fees, slow money movement, and large mark-ups on exchange rates—faced by those who are sending money across countries.

“Parallax provides faster (near instant) and cheaper (saves 83% in fees; with the mid-market exchange rate) international payments. We’re focused on providing freelancers, remote workers and other global professionals better payments for their recurring payroll, invoices and salaries,” said Reyes.

The funding will be used to continue to grow the team and scale its operations.

Israeli startup SQream secures $45m

SQream, an Israeli data analytics startup, has announced raising $45 million in a Series C funding round led by World Trade Ventures to continue its own growth.

The round, which was also backed by Schusterman Investments, George Kaiser Foundation, Icon Continuity Fund, Blumberg Capital, and Freddy & Helen Holdings, brings SQream’s total funds raised to date to around $163 million.

The latest round will be utilised to further expand the company’s presence in North America, extend its strategic partnerships and propel advancements in AI/ML enterprise capabilities and big data analytics.

SQream’s customers include enterprises across a range of industries, including semiconductors, manufacturing, telecoms, financial services, and healthcare, who have already seen the ability of GPU computing to dramatically accelerate their data analytics and AI/ML data pipelining processes.

Edited by: Pramod Mathew

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