Simudyne closes $6m funding with Barclays’ aid
Simudyne has closed a $6 million Series A fundraise, led by Barclays alongside a set of institutions.
The new funding round includes Graphene Ventures, an early investor in Snap and Lyft, and Gauss Ventures, whose team were early investors in Revolut and Tandem, bringing total capital raised to $10 million.
With a 600% year-on-year increase in revenue in 2018 following the addition of new banking clients, Simudyne has grown to 30 staff members.
The new funds will help Simudyne expand its staff and accelerate its engagement with the financial services sector.
It will also continue to expand the application of its software beyond bank stress testing, financial risk and contagion management. New applications include market execution as well as anti-money laundering.
“Simudyne technology is proven to help banks solve challenges such as understanding market contagion, stress testing and simulating market execution,” says Justin Lyon, CEO of Simudyne.
He adds: “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.”
According to Simudyne, traditional modelling approaches no longer capture the complexity of the current landscape. Agent-based simulation, however, is able to simulate millions of scenarios to test-drive decisions.