Beacon Platform Inc., a vendor of cloud-based enterprise technology and capital markets software solutions, announced today that it has closed a $20 million Series B funding round led by Centana Growth Partners, with participation from existing investors, PIMCO and Global Atlantic. Beacon will use the new capital to expand operations and product development.
Founded in 2014, Beacon is the leading application development platform designed for capital markets which enables its customers to securely build, test and deploy applications in the cloud. Beacon’s pre-built applications, financial development toolkit, transparent source code and seasoned team of engineers enable customers to quickly go-live with applications which span from the front- to the back-office. Customers, including global banks, asset managers, insurers and commodity trading firms, have saved time and money, improved productivity and created customized solutions without the engineering effort and cost of building in-house. The company has grown its user base by 150% over the past 12 months and expanded its global client base, which now includes Commonwealth Bank of Australia, Shell New Energies and SMBC Capital Markets, Inc.
“We believe that by empowering firms with the same kind of enterprise technology platform used by the biggest financial institutions, we can actually create a stronger and more innovative financial ecosystem,” said Mark Higgins, Co-Founder and COO of Beacon. “The Series B funding will help us further realize our vision and scale it industry-wide.”
Beacon was founded by industry veterans who worked with SecDB at Goldman Sachs and created Athena at JP Morgan and Quartz at Bank of America Merrill Lynch. Beacon’s award-winning platform is designed to empower developers, quants, data scientists and business users to scale technology and achieve their business goals.
“Having previously designed, built and used in-house platforms at the world’s largest financial institutions, I know how tricky it is for firms to buy or build technology that can keep up with the competition,” said Kirat Singh, Co-Founder and CEO of Beacon. “We built Beacon to address this problem head-on and create an ecosystem that enables collaboration and innovation.”
“Beacon’s customers are passionate about its software solutions which address multiple pain points in the financial services industry today,” said Eric Byunn, Partner at Centana Growth Partners. “Beacon’s software not only provides clients with significant uplift in developer productivity and reduces time-to-value, but also works seamlessly alongside its customers’ existing trading and risk management solutions, making it easy to get started. We’re excited to partner with this unique team to support them through this next phase of growth.”
Beacon is revolutionizing the financial services industry by empowering quantitative developer teams and business users. Founded by the team of senior technologists who worked with SecDB at Goldman Sachs and created Athena at JP Morgan and Quartz at Bank of America Merrill Lynch, Beacon is the only vendor on the market that gives clients underlying source code, a developer platform, and infrastructure services so that clients can own the full technology stack. Clients benefit from Beacon’s next-generation platform for enterprise-scale analytics, trading, risk management, and more.
About Centana Growth Partners
Centana is a specialized growth equity firm that invests in the future of finance. We collaborate with companies across the entire financial services ecosystem, from institutions to fintech disruptors, to add strategic and long-term value to our portfolio companies. We empower entrepreneurs with a combination of capital, network and expertise to accelerate the growth of our portfolio companies. The Centana team taps into decades of financial services expertise and insight to invest in companies that bring real value and innovation to the industry. Centana is based in Palo Alto and New York.