Barclays has led a $6 million Series A funding round for Simudyne, a simulation technology firm used by banks for things such as stress testing and contagion management.
Graphene Ventures and Gauss Ventures joined the round in London-based Simudyne, which says it saw a 600% year-on-year increase in revenue in 2018 as it signed up new banking clients.
The firm now boasts a 30-strong staff, and plans to use the new money for more hires as it looks to expand the uses for its technology to areas such as market execution and anti-money laundering.
Simudyne argues that traditional modelling approaches no longer capture the complexity of the world. Its agent-based simulation approach helps clients quickly and easily simulate millions of scenarios and then test drive their decisions.
Andy Challis, MD, principal investments, Barclays, says: “As its adoption becomes more widespread, Simudyne’s platform will ultimately help cultivate a stronger, more efficient tech-enabled financial services sector.”