Beacon Platform Incorporated, a leading cloud-based platform for quant development that enables users to build custom trading and risk management applications, announced that it closed a $56 million Series C, led by Warburg Pincus, a leading global growth investor. Blackstone Innovations Investments also invested in this round, with support from existing investors, including Centana Growth Partners, Global Atlantic Financial Group and PIMCO.
The investment will bolster Beacon’s continued growth trajectory and commitment to its mission to build the future of financial markets on the cloud. Engineering, sales, customer-facing teams, and company operations will be key areas of investment as the company continues to scale across multiple markets and geographies.
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“Beacon is fundamentally changing the playing field for the financial industry, enabling firms of all types and sizes to benefit from advanced quant technology, enterprise-scale infrastructure, and rapid development tools that were previously the domain of just a few of the largest institutions,” said Kirat Singh, CEO of Beacon. “We are excited to leverage Warburg’s expertise and global presence as we accelerate our product strategy and sales growth.”
“Beacon Platform has shown strong growth over the past two years, expanding its product offering, building important industry partnerships, and closing deals with a wide array of clients,” said Alex Stratoudakis, Managing Director, Warburg Pincus. “We are excited to partner with this excellent management team and the talented staff that they have assembled, helping them build on their deep expertise to expand and accelerate their success in this demanding market,” added Angel Pu, Vice President, Warburg Pincus.
Warburg Pincus has invested more than $24 billion in technology companies since inception and is one of the most active growth investors in enterprise technology and cloud-based platforms. Within fintech, Warburg Pincus has invested nearly $6 billion globally into companies such as Avalara, Avaloq, Clearwater Analytics, Interactive Data Corp, Metavante / FIS, Personetics, Procare, Quantexa, Reorg Research, Varo, and Wall Street Systems.
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Beacon’s solutions and transparent source code mean that firms can exponentially increase their ROI on technology spend by focusing their resources on adapting and extending models, analytics, and applications in their respective areas of expertise and competitive advantage. Industry leaders, including PIMCO, Blackstone, Shell New Energies, Global Atlantic, and Commonwealth Bank of Australia, among others, are recognizing the transformational benefits of Beacon’s solution.
“Beacon is a state-of-the-art application development platform that enables quants, data scientists and engineers to model and manage risk in a more scalable way. We look forward to expanding our use of Beacon across Blackstone and continuing our partnership with the Company through our strategic investment,” said John Stecher, Chief Technology Officer of Blackstone, a client of Beacon.
In the past two years, Beacon has more than tripled its recurring revenue while growing the customer base across all segments. The company is actively recruiting and developing top talent from around the world, growing from 69 employees at the end of 2019 to 141 today, with over 30 open positions as of the time of writing this press release.
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