Tractiv Raises $2.25 Million in Seed Round and Adds Mark Almeida to Board
Tractiv Inc, a software company that enables financial services firms and fintechs to permission, distribute, and monitor use of their data by both internal and external users, has raised $2.25 million (USD) in a priced seed round led by Nyca Partners. Tractiv will deploy this capital to expand their product offering and build out their sales and engineering teams.
Tractiv’s software integrates with both data vendors as well as internally-created proprietary data to permission, distribute, track, and report on how data is used internally or after it leaves a vendor’s environment. Unlike existing solutions for data tracking and distribution, Tractiv supports any kind of data, regardless of data type or file size. Tractiv’s solution is blockchain-like without the transaction costs of being on the blockchain, providing secure, low latency data transmission with instant reporting and detailed usage analysis.
This functionality is highly unique as compared to existing products in the market. Drew Orsinger, CEO and Co-Founder of Tractiv, summarizes this clearly, “Until now, no single solution has brought together usage, distribution, security, audit, and reporting for data. Our platform provides quick, low-cost, and direct access to key usage forensics and can be up and running in a matter of hours. Tractiv solves a universal challenge in how data vendors and companies distribute, track, and trace their data.”
“I couldn’t be more excited about joining the board of Tractiv,” said Mark Almeida, Limited Partner Advisor at Nyca Partners and formerly president of Moody’s Analytics. Mark will be joining Tractiv as a board member. “Tractiv’s ledgering technology enables information sources to gain control over distribution and fully realize the value of their content. Providing unprecedented transparency into data usage, Tractiv brings efficiency to the enforcement of content licensing agreements, allowing organizations to safeguard their IP while unlocking new monetization opportunities.”
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Tom Glocer, former CEO of Thomson Reuters, is investing in the round alongside Nyca. His conviction in Tractiv’s technology emerged from the core challenges that he grappled with during his tenure at Reuters. “During my 19 years at Reuters, we searched high and low for a technology solution that could support the large-scale distribution of real-time and static content with granular permissioning, full audit trail and low latency,” said Glocer. “The Tractiv platform offers multimedia publishers the ability to achieve full value for their content by ensuring their service only reaches entitled customers.”
Tractiv’s primary customers are fintechs, major banks, and wealth management firms looking for a more accurate understanding of data usage for business intelligence, compliance, IP protection, and security. By having access to immediate insights on how their data is being used via a centralized and immutable ledger, financial institutions can make more informed and timely decisions about how and where data is being used to fully maximize its value.
Tractiv recently changed its name from TradeX to reflect its capability around data tracing in the broader financial services context, not only limited to capital markets. Moreover, in their market research, the Tractiv team realized that data providers and consumers across all industries, not only in finance, are losing billions of dollars of potential revenue because of archaic data sharing solutions with little transparency or control. Beyond financial services, the clearest examples are in the entertainment and healthcare space.
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