Xignite secures $10 million to share financial data

On-demand financial market data a boon for this startup, with clients like Goldman Sachs and Samsung

Financial trends and news by Ronny Kerr
September 13, 2011
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Xignite, provider of financial market data, announced Tuesday that it has raised $10 million in Series B funding from StarVest Partners, L.P. and John L. “Launny” Steffens of Spring Mountain Capital. (Steffens formerly served as vice chairmain of Merill Lynch.)

Also participating in the round are previous investors Altos Ventures, Startup Ventures and Peter Caswell.

Instead of spending time and money extracting and maintaining the ocean of financial market data themselves, companies can use Xignite to skip straight ahead to accessing said data. There’s no software to install, there’s no hardware to purchase; it’s just on-demand data delivered over the Web.

Xignite is partnered with a long list of financial companies in order to draw all the data it provides to its customers. In addition to data partners like Dow Jones and Thompson Reuters, the company has deals with exchanges all around the globe.

“Every day financial markets generate one-hundred times more data than they did just five years ago,” said Stephane Dubois, CEO and founder of Xignite. “At the same time, the one-size-fits-all terminal model is breaking down as businesses drive productivity through simpler, nimbler fit-for-purpose apps. Cloud-based market data is the only solution that can bridge this gap.”

Current clients of Xignite include financial companies like Citi, Goldman Sachs, ING and Wells Fargo, as well as corporations like Coca-Cola, Exxon Mobil, McDonalds and Samsung.

To match the myriad of worlds within the universe of the financial market, Xignite offers a plethora of subscriptions, services and plans for access to all sorts of different data. For example, there’s XigniteFunds for “historical and daily end-of-day closing NAVs (Net Asset Values) for U.S. mutual funds” and there’s XigniteBondMaster for "basic security information on more than 125,000 US Corporate Bonds.”

Clients can subscribe to the data quarterly, semiannually, annually or biennially.

The new funding will be used to grow the company’s sales and marketing operations.