A Singaporean real-time data online marketplace, DataStreamX has managed to secure US$ 465,000 for its pre-series A funding on Sunday.
The round was participated by VC firm Wavemaker Partners, an incubator partner of Singapore’s National Research Foundation, JFDI, and an undisclosed angel investor.
Based in Singapore, DataStreamX’s marketplace contains data for weather, traffic, finance, ship movements, and more – in a single convenient platform.
The company help facilitates the flow of data, allowing businesses to monetize their data products while providing access to streams of new data sources for companies, developers, data scientists, academics and beyond.
It has an API for both buyers to stream data to their apps after they subscribe to it, and sellers to transfer data from their sensors to the platform and offer it for sale. The company profits through taking a cut in successful transactions.
Besides, DataStreamX also offers consultancy and training services for companies who are unfamiliar with how to get value out of their data and want to learn more about how to use their data.
This has become a big part of DataStreamX business – the startup provides an efficient way of organizing and analyzing your data and helps reduce the associated costs.
With this, troves of non-personal data, like real estate or advertising, can also share their collected information across border and industry.
“We’re building tools on three different fronts: a creation of data products, assessment, and consumption”, CEO of DataStreamX, Mike Davis said.
With the fresh funding, the startup will look into how it can help companies create useful products based on their data and bring them on its platform.
Besides, the fund will also be used for talent acquisition, to staff up on sales and marketing people as well as data scientists and data engineers.
“We want to develop a strong team of enterprise people,” Mike adds.
At present, the two-year-old startup has worked with more than 400 data vendors and 500 buyers on the marketplace, with 208 products listed.
For the coming year, DataStreamX hopes to reach annual recurring revenue (ARR) of US$702,000 by the time it’s ready for its series A, around Q4 of 2017.
Besides, DataStreamX also wants to create replicable use cases for the different industries and companies it serves. For example, financial data that helps fintech companies is currently a big part of the marketplace.
DataStreamX previously raised US$368,000 in seed funding from undisclosed private investors. The company is also a graduate of JFDI’s startup accelerator.
With the vision to see an intelligent world where data flows between companies and across silos, DataStreamX works to help unleash the power of the world’s data and strive to provide a delightful marketplace experience that connects suppliers of data and consumers of data.
For more information, please visit http://www.datastreamx.com/
By Vivian Foo, Unicorn Media
This news is published on Reuters.