Hivemind, the UK-based data science company and member of the Investment Associations fintech accelerator Velocity, has closed a funding round led by Fidelity International and Barclays.
Hivemind, which was spun out from global investment management company Winton Group in June last year, develops software that helps create valuable and structured data sets from complicated, unstructured sources such as news articles, company reports, blogs and images.
This funding round will be used to expand Hiveminds sales, engineering and data science teams, driving the continued development of the companys proprietary technology platform and making its data science expertise available to a wider market.
Daniel Mitchell, CEO of Hivemind, said. We are delighted to have received investment from two such prestigious companies and look forward to working with them on the next stages of our growth.
Fidelity Internationals Global Head of Asset Management, Bart Grenier, commented. We are delighted to be able to support the future growth of Hivemind. Their platform has significant potential to help us improve client outcomes by enhancing our investment research capabilities.
John Stecher, Chief Innovation Officer for Barclays commented: The team at Hivemind has demonstrated impressive capabilities from when they were formed at Winton. We look forward to working with them on improving the effectiveness of our complex data sets.
John Stecher and Hugh Prendergast, Global Head of Product at Fidelity International, will join Hiveminds board. Existing board members include Winton Founder, CEO and Co-CIO David Harding, Winton Managing Director Geoff Cross, and Daniel Mitchell.
Hivemind develops software to help clients build, clean and enrich datasets from a range of complicated unstructured sources such as company reports, regulatory filings or news feeds through to blogs, websites and images.
Our software combines automated methods and distributed human intelligence to distil such sources into valuable, accurate and bespoke datasets, and to help make everyday data maintenance more efficient.
Our clients include leading hedge funds, global asset managers and data vendors and we have been selected for the IA Velocity program, the first accelerator run by the Investment Association.
About Fidelity International:
Fidelity International offers world class investment solutions and retirement expertise. As a privately owned, independent company, investment is our only business. We are driven by the needs of our clients, not by shareholders. Our vision is to deliver innovative client solutions for a better future. We invest £221.3bn globally on behalf of clients in 26 countries across Asia-Pacific, Europe, the Middle East, and South America. Our clients range from central banks, sovereign wealth funds, large corporates, financial institutions, insurers and wealth managers, to private individuals. In addition to asset management, we offer investment administration and guidance for employer benefit schemes, advisers and individuals in several countries. We are responsible for £75.9bn in assets under administration. Data as at 31 December 2018.
Barclays is a transatlantic consumer and wholesale bank offering products and services across personal, corporate and investment banking, credit cards and wealth management, with a strong presence in our two home markets of the UK and the US.
With over 325 years of history and expertise in banking, Barclays operates in over 40 countries and employs approximately 80,000 people. Barclays moves, lends, invests and protects money for customers and clients worldwide.
For further information about Barclays, please visit our website home.barclays
Winton is a global investment management and data science company. Founded in 1997 by CEO David Harding, Wintons business utilises computing technology to apply mathematical and statistical methods to the field of investing. The firm aims to help savers and institutional clients meet their investing goals by building intelligent, long-term investment systems that evolve as markets change.
Hivemind on LinkedIn