Beacon closes USD56m Series C Funding round led by Warburg Pincus
Beacon Platform Incorporated (Beacon), a cloud-based platform for quant development that enables users to build custom trading and risk management applications, has closed a USD56 million Series C funding round, led by Warburg Pincus.
Blackstone Innovations Investments also invested in this round, with support from existing investors, including Centana Growth Partners, Global Atlantic Financial Group and PIMCO.
The investment will bolster Beacon's continued growth trajectory and commitment to its mission to build the future of financial markets on the cloud. Engineering, sales, customer-facing teams, and company operations will be key areas of investment as the company continues to scale across multiple markets and geographies.
"Beacon is fundamentally changing the playing field for the financial industry, enabling firms of all types and sizes to benefit from advanced quant technology, enterprise-scale infrastructure, and rapid development tools that were previously the domain of just a few of the largest institutions," says Kirat Singh, CEO of Beacon. "We are excited to leverage Warburg's expertise and global presence as we accelerate our product strategy and sales growth."
"Beacon Platform has shown strong growth over the past two years, expanding its product offering, building important industry partnerships, and closing deals with a wide array of clients," says Alex Stratoudakis, Managing Director, Warburg Pincus. "We are excited to partner with this excellent management team and the talented staff that they have assembled, helping them build on their deep expertise to expand and accelerate their success in this demanding market," added Angel Pu, Vice President, Warburg Pincus.
Warburg Pincus has invested more than USD24 billion in technology companies since inception and is one of the most active growth investors in enterprise technology and cloud-based platforms. Within fintech, Warburg Pincus has invested nearly USD6 billion globally into companies such as Avalara, Avaloq, Clearwater Analytics, Interactive Data Corp, Metavante/FIS, Personetics, Procare, Quantexa, Reorg Research, Varo, and Wall Street Systems.
Beacon's solutions and transparent source code mean that firms can exponentially increase their ROI on technology spend by focusing their resources on adapting and extending models, analytics, and applications in their respective areas of expertise and competitive advantage. Industry leaders, including PIMCO, Blackstone, Shell New Energies, Global Atlantic, and Commonwealth Bank of Australia, among others, are recognising the transformational benefits of Beacon's solution.
"Beacon is a state-of-the-art application development platform that enables quants, data scientists and engineers to model and manage risk in a more scalable way. We look forward to expanding our use of Beacon across Blackstone and continuing our partnership with the Company through our strategic investment," says John Stecher, Chief Technology Officer of Blackstone, a client of Beacon.