WealthEngine has been having a very busy month, closing a $7 million round of funding this week. The Bethesda-based research services firm for non-profits and luxury brands made the announcement just a few weeks after buying big data analytics startup BrightContext.
The latest venture capital funding came from old and new investors with Streamlined Ventures and HKB Capital adding to a list including Novak Biddle Venture Partners.
"This investment round is yet another sign of the momentum that we are seeing in this market and a sign of confidence in the strategy we have embarked upon," said Tony Glowacki, CEO of WealthEngine " in a release from the company.
WealthEngine is very much a success story in applying Big Data to people and organizations to leverage information into business and non-profit success. It generally has had a lot of success in revenue, using capital investments as part of big pushes into new areas or growth. It may also reflect the growing competition in the Big Data arena as questions of analysis and useful predictions from the deluge of data available become more important.
"It's about getting the right information to the right people at the right stage," said Mike Lees, the chief marketing officer at WealthEngine. "[Real-time analysis] helps us better serve a broader audience."
Real-time analysis is part of what the BrightContext acquisition brought to the table, and is undoubtedly going to be key for WealthEngine in its next phase. The BrightContext team became part of WealthEngine in the acquisition along with the software they had invented, with for instance Leo Scott, co-founder at BrightContex,t becoming CTO as part of the process.
"With the additions to the leadership team we have made this year, some key customer and partner wins and the innovation that we are already seeing as a result of the BrightContext acquisition, it’s already been a landmark year for WealthEngine," Glowacki said. "But what we were looking for more than anything with this round was to bring on-board an expanded network of seasoned technology investors who are committed to help the company realize its vision. We’ve definitely achieved that."
