Crux Resonating Throughout the Industry
From New York to London to Las Vegas, we attended eight events where finance’s leaders spoke about the current state of data and finance. What did we learn? Across the financial industry, everyone is facing the same challenges when it comes to data.
- The amount of data is overwhelming, and new forms of data become available each day. It is slow and costly to try to discover which datasets are useful.
- Data is hard to access. Complex IT systems are keeping data in silos, preventing people from accessing the data they need, when they need it.
- Data needs integrity. Firms are struggling to keep data clean, validated, and consistent. Teams are fixing missing rows and finding missing files instead of doing data analysis.
Listening to thought leaders across the industry, we realized that Crux can solve these challenges. Crux is a platform for efficient data ingestion. Efficient data ingestion makes data discovery fast, gives teams easy access to data, and delivers data that’s prepared for analysis. With our solution, firms save time and money, eliminate the burdens of big data, and focus on using data to find insights. We believe you’ll see the value of efficient data ingestion too.
Insights from Crux Events
BattleFin Discovery Day: September 26-27, The Rosewood, London
Key Insight: The more data sources your firm takes in, the more you will benefit from consolidating all that data in one place. Centralizing data helps teams across the office quickly and easily use data in decision making. Furthermore, with the GDPR, firms need control over each step of their data value chains, and centralizing data and data processes may help firms to improve compliance. In order to centralize data rapidly and securely at a low cost, “quant funds are looking to outsource” to a platform solution, said Tim Harrington, CEO of BattleFin. See more on our blog.
Crux Vision Event with Two Sigma: October 4, Nomo Soho, New York
Key Insight: Every seat was taken at this open conversation where Two Sigma’s Chief Data Strategist Ali Milan-Nekmouche and our CEO Philip Brittan communicated our shared vision of creating an industry solution for data ingestion. Ali discussed the massive increase in data available in the world and how Two Sigma’s outsourcing of their data ingestion processes to Crux is positioning Two Sigma to access many more data sources faster. How does this work? We are factoring out the common processes all firms do today and putting them into Crux, an industrialized platform. We were delighted to host this gathering of innovative banks, hedge funds, and asset managers.
Crux & FISD Alternative Data Forum: October 4, Amazon Web Services Loft, New York
Key Insight: The integration of sourcing data, ingesting data, and data science is underway across financial firms. These groups were once anchored in their own silos, working independently without much integration. The old operational structure led to long wait times for new data sources to make their way to the users of the data, the data scientists. Now experts from hedge funds and asset managers agree that it is vital to seamlessly integrate these functions and processes. It was exciting to serve as lead sponsor of this forum, where leaders across finance discussed the importance of data access and discovery.
Crux Vision Event with Citi: October 11, The Andaz, London
Key Insight: Data has moved from IT, to the middle office, to the front office, said Richard Webley, Citi’s Head of Big Data Client Strategy and Business Development. Firms need to propel data rapidly across the office to fuel algorithms and decision makers. Different channels can pipe data across divisions. Crux can build these channels to deliver data to the industry as a whole. We were honored to host this discussion with attendees from leading banks, insurers, research firms, hedge funds, and asset managers.
Crux & FISD Alternative Data Forum: October 11, UBS, London
Innovation is taking too long! Data scientists and data engineers agree that it’s time for firms to leverage new data sources and efficiently integrate data into decisions. New strategies to source and distribute data will help firms solve shared challenges and evolve past the first mile of working with data. We were delighted to serve as lead sponsor for this event and connect with exchanges, market data providers, and buy and sell side firms. We also hosted a
at the event with data strategy leaders.
Eagle Alpha – Alpha & Access: October 12, Simmons & Simmons, London
Key Insight: Alternative data holds tremendous potential, but evaluating new datasets presents a challenge. Clients want to know early in the evaluation process whether a dataset is worth investing in. Yet firms need to spend the time and money to onboard new datasets just to try them. Crux moves data discovery into the cloud so firms can evaluate new data sources without spending the resources to onboard them.
The value Crux can deliver crystalized as we participated in one on ones with new data providers, as well as a panel on integrating data into investments. As the quest for new data sources accelerates, Crux can serve as a manufacturing plant, processing data from new data vendors and making it ready for financial firms to consume.
Inaugural Summit – Future Proofing in the Data Age: October 18, Columbia University Data Science Institute, New York
Key Insight: A common theme emerged (see image below) from data-driven thought leaders who participated in this inaugural forum. Complex organizations, such as large funds, face a challenge in deciding where to focus, asking “What is the best use of our time?” Leveraging data talent, and investing in and dedicating time to priorities that will lower risk and improve performance need to be top priorities.
Trying to find and make use of data is still hard today, despite all of the development within the data ecosystem. Outsourcing data ingestion to an industry wide platform solution will give you back time and give your data talent lift to improve your organization. Today, learning organizations need high-performance, low-cost services to carry out common data tasks. Economies of scale can enable these developments across the financial industry.
We were delighted to connect with the Columbia data innovation network and with its leaders across industries, both users and producers of data, who are driving the data-driven economy forward. There are valuable insights at the crossroads of academia and business, and collaboration can enhance data strategy for both.
Source: Alation CEO Satyen Sangani
Money 20/20: October 21-24, The Venetian, Las Vegas
Key Insight: In the next ten years, getting access to data will be as rapid and seamless as digital payments are today. Efficient data ingestion is already important in the payments space, and Crux has opportunities to help major players in payments integrate data. Ten years from now, monetizing companies’ and individuals’ data will be a high priority for firms across financial services. The value of data could even be unlocked to reward individuals and companies for the activity and data that they input into the data economy.
Crux in the News
Seen Crux in the news lately? We recently announced over $20 million in Series B funding from Two Sigma, Citi, Goldman Sachs, and others. Our Series B financing earned media coverage in Axios, Banking Tech, Bloomberg Pro Rata, Citybizlist, Finextra, FinSMEs, Fortune, Integrity Research, peHUB, PYMNTs, Silicon Valley Business Journal, StrictlyVC, The Trade, Vator News, and WSJ Pro Venture Capital. Read our full press release on our Series B here.
“We are excited to continue to work with Crux and this group of industry backers to support them in building what we believe will become the go-to solution for data.” – Darren Cohen, Global Head of Principal Strategic Investments, Goldman Sachs
Are you intellectually curious and excited to build the data solution of the future? Do you love solving complex problems and helping clients overcome data challenges? If so, let’s talk. The Crux team is growing, and we’re seeking talented individuals who know data can be delightful. Check out our job openings here.
We’re quickly expanding the Crux Network with some amazing data partnerships. If you’re a data supplier looking to reach more clients and accelerate distribution with zero roadblocks, we invite you to join Crux. Connect with our Supplier Team at Supplier@CruxInformatics.com.
- Beryl Elites Alternative Investments Conference, November 5-6, 2018, New York
- XBRL Investor Forum: Powering Fintech, November 8, 2018, New York
- DataEngConf, November 8-9, New York
- Eagle Alpha – Alpha & Access, November 29, New York
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