Enigma raises $95m in NEA-led round

Enigma, a New York-based Data-as-a-Service company, has raised $95m in a funding round led by NEA.

The round also featured strategic FinTech investors BB&T, Capital One Growth Ventures, MetLife and Third Point along with venture firm Glynn Capital. Early investors Comcast Ventures, Crosslink Capital, Two Sigma Ventures, and the Partnership Fund for NYC also participated, which comes three years after Enigma raised $28.2m in its Series B round.

Founded in 2011, Enigma aims to transform how data is seen and used in the enterprise. Enigma connects internal and external data to surface insights that inform business decisions, solve problems and unlock new opportunities. From evaluating insurance risk to combating money laundering, Enigma connects and enriches clients’ internal data assets to transform their strategies and workflows.

“As the inaugural investment for MetLife Digital Ventures, our partnership with Enigma marks a major milestone in our effort to promote a culture of innovation at MetLife and further solidifies our commitment to being a leader in digital transformation across the insurance industry,” said Marty Lippert, executive vice president and head of MetLife Global Technology & Operations and MetLife Holdings. “Enigma’s technology and machine learning capabilities have the potential to radically shift the insurance value chain by providing trustworthy intelligence to empower smarter, faster decision making.”

With financial institutions struggling to unify internal data with real world data, and missing opportunities to inject new intelligence into critical decisions, the company has helped banks address regulatory restrictions with client risk management and streamline AML investigations to ensure cost-effective compliance.

Enigma Financial Services Compliance automatically links and centralises data to increase transparency and introduce cost- and- time-saving efficiencies. Leveraging a data ingestion and automation framework, Enigma’s technologies streamline internal information gathering as well as parsing and standardization from external data sources, including Enigma’s public data library, to provide clients with valuable signal and supplementary intelligence.

Through a series of consolidated views and visual interfaces, Enigma’s solution transforms each customer’s public data footprint, relationships, and transactional activity into a comprehensive narrative to augment AML investigations and power additional regulatory compliance streams such as Know Your Customer (KYC) and sanctions.

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