Singapore data technology startup, Percipient, has closed its seed funding round of S$1 million ($712,555), with participation from an influential group of individual investors. Among them are three US-based IT leaders, with long careers in Fortune100 financial services companies, the company said.
The funds raised in this round will enable Percipient to deepen its R&D efforts, add key hires, expand its operations in the Asia-Pacific region, and build an onshore presence in the US, it added.
The investors include Mark Torkos, a partner of PruVista Capital with over 30 years experience in managing and leveraging technology and over 23 years of experience in Consumer Banking Technology. From 2011 to 2016, Mark served as the CIO for Citigroup’s Global Consumer Group.
The other investors are Scott Tanguay, a partner of PruVista Capital, who also serves as an advisor to several consumer and commercial finance companies. He has had a 24-year career at Citigroup, and most recently held the role of Head of Operations for the Global Consumer Bank (2013-2016).
The third angel investor is Thomas Burke, Executive Chairman at StoneRiver, an insurance software company. Thomas served as the CIO for New York Life International from 2009 to 2011. Prior to this, Thomas headed the operations and technology function for Citigroup’s Global Consumer Investments.
In an email exchange with Lim Ai Meun, Chief Product Officer of Percipient, she shared with DEALSTREETASIA that India’s largest bank, SBI, was its first revenue-generating client and that it had delivered proofs of concept to banks in Singapore.
Percipient’s CEO, Navin Suri said the company’s co-founders decided to stay bootstrapped until it was 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.
He said, “Their support is a strong validation of our ability to solve enterprises’ deep-rooted data technology challenges. Plus they see our innovative solutions having global appeal. We view Mark, Scott and Tom not just as investors but as mentors.”
Percipient claims to help enterprises integrate their data in a more efficient, secure and affordable manner than traditional solutions through its flagship in-memory data discovery platform UniConnect.
The platform is designed to facilitate the use of data sourced from multiple and heterogeneous data sources. This includes APIs, blockchain, and IoT devices, without needing the creation of multiple copies of the same data.
Lim explained to this portal: “UniConnect brings together and turbo-charges all the data that an enterprise needs to make critical business decisions. Today, enterprises use less than half of the data that they are collecting. The is like making a pasta dish with just half the necessary ingredients. UniConnect enables enterprises to mine very large amounts of data at high speed, without requiring existing systems to be replaced.”