Penningtons Manches has acted for Simudyne on its recent USD 6 million (£4.6 million) Series A investment led by Barclays. The team was led by Nick Richards, assisted by Katarina Hrabovska and Danyal Enver (corporate), Kathy Hills (tax) and Sophie Whitbread (employment).
The new funding round includes Graphene Ventures, an early investor in Snapchat’s parent company Snap and ride-sharing app Lyft, and Gauss Ventures, whose team were early investors in digital banking apps Revolut and Tandem. Total capital raised since Simudyne was formed now stands at USD 10 million.
Simudyne’s software allows financial institutions to test drive decisions and build analytics through agent-based modelling. With a 600 per cent year on year increase in revenue in 2018 following the addition of new global banking clients, Simudyne has grown to 30 staff members including six PhDs with expertise across fields such as market simulation, fraud detection and risk management.
Chief executive Justin Lyon said the firm will use the funding to gain more customers within financial services and enter new sectors later this year.