NCS Analytics, a data analytics startup based in Colorado, has raised $11 million in Series A funding to expand its platform as demand continues to rise.
The round was led by Baseline Ventures, a firm focused on helping seed-stage startups get off the ground. As a result of the round, Baseline will be joining other investors like Lewis Wilks of Bright Peaks Capital and Jon Aborn of Starpoint Capital in the startup’s Board of Directors. Steve Anderson, Founder of Baseline Ventures, referred to the potential the firm saw in the startup by stating:
“NCS provides a comprehensive platform to government regulatory agencies and financial institutions that delivers actionable data on high-risk industries. This data facilitates regulatory enforcement and provides a high level of confidence that the payments and products that flow through the industry are legal. As more states legalize the medical and recreational use of cannabis, NCS will support reporting and regulatory requirements to ensure that the industry is operating appropriately under the legal guidelines and that citizens are receiving the benefits that were promised to them.”
Since its founding in 2016, NCS Analytics has been working to empower decision-makers by providing them with real-time insights by analyzing data obtained from diverse data streams. Governments and financial institutions have been taking advantage of the actionable intelligence provided by the startup’s solution to prevent fraud and reduce risk exposure. Adam Crabtree, Founder and CEO of NCS, said in this regard:
“Since its inception, the team at NCS has been dedicated to delivering our financial and government clients the clear and transparent information they require, and this funding is a testament to that work. This investment is going to give us the resources we need to further the development of our platform and expand our customer base.”
According to a report by PwC, more than $42 billion were lost to financial fraud in 2020, with only a bit over half of the companies who suffered from it conducting investigations into the incidents. By providing clear and actionable insights, NCS Analytics’ solution can help prevent fraud by allowing them to adopt security improvements. Now, the startup will be focusing its efforts on expanding its businesses and solution to better address the growing issue that is financial fraud.