Rose Technology, a New York-based data management startup, has closed a $5.5 million seed funding round to revolutionize how organizations and individuals deal with data.
The seed funding round was led by Toronto-based Portage Ventures and counted with participation from important firms like BoxGroup and Sound Ventures. The new capital will allow Rose Technology to expand its platform to address the issues organizations and individuals face when dealing with vast amounts of data. Nick Hungerford, Venture Partner at Portage Ventures, referred to the firm’s participation by stating:
“Rose has created a remarkable solution to a problem that plagues the financial services industry: data management. The cost of finding that one critical piece of data, recording it and making it safely available to others is high in both human and financial capital. Multiply that by the millions of times this needs to be done in any given organization each day and you get a sense for the scale of the opportunity for Rose, and for Rose customers. We are excited to be supporting Alex and his team to bring their product to market and make life easier, cheaper and faster for the millions of researchers and analysts who will shave hours from mundane work which can instead be spent on driving revenue and growth,”
The startup was founded by Alexander Campbell, a prolific investor with more than 14 years of experience in the financial industry. A graduate of Oxford and Stanford University, he has held leadership positions in firms like Bridgewater Associates, Thrive, and Lehman Bros, which provided him with insights on the growing issue data management represents for today’s enterprises and researchers.
Despite data becoming an increasingly important resource in today’s world, existing data management solutions have failed to meet the needs of enterprises and researchers, especially those in the financial sector. Rose has developed an integrated, mutually reinforcing data workspace, analytics engine, and marketplace platform that aims to meet these demands. Campbell said about Rose’s mission:
“We built Rose to solve a $100 billion problem: modernizing data processes. Specifically, Rose helps eliminate the inefficiencies, opacity, and cost that impedes the performance of financial services companies, startups, and growth companies.”
The digital economy has grown at an unprecedented rate over the past decade, forcing organizations to adapt their traditional strategies to deal with an increasing amount of data to drive their decisions, creating a demand for solutions like the one developed by Rose. The data management startup believes its approach will not only revolutionize how data is found, organized, and shared, but also increase collaboration across teams and reduce human error in the process.