Ntropy raises $ 3.2 million in seed funding
Ntropy, a London, UK and San Francisco, Calif. based company that removes data barriers to understanding financial transactions, has raised $ 3.2 million in seed funding.
The round was led by QED Investors with participation from January Ventures.
The company intends to use the funds to hire key engineering and sales talent to support market growth and future product development.
Co-founded by CEO Naré Vardanyan and CTO Ilia Zintchenko, Ntropy provides an API that enables companies to convert raw data into contextualized and structured information understood by both human and machine. The platform trains machine learning models in organizations with different data schemas and data sensitivity issues, to remove barriers and make data an easily understandable tool. Its API takes raw transactions across all platforms and pulls merchant information and labels it.
The company’s suite of products are now used by neo-banks, financial SaaS providers, marketplaces and SME banks. Ntropy currently has a waiting list of over 50 customers in the United States.
The company’s premier remote team is spread across UK, US, Norway, France and more, and serves clients across North America. Ntropy also added Eric Woodward, former chairman of Early Warnings Group, and Robert Phillps, author of Pricing Credit Products and currently director of pricing research at Amazon, to its advisory team.