INQDATA: Clarendon Fund Managers leads investment for data solutions firm

The £70m Investment Fund offers commercial finance including debt finance and equity investment to support businesses from all sectors in Northern Ireland.

The investment round into INQDATA was led by Clarendon Fund Managers, with the company also receiving investment from new investors Iona Star Capital and Techstart Ventures.

In total, the round generated £2.5m for INQDATA, which also has operations in London and Newry.

INQDATA is a fully managed data solutions provider, focused on infrastructure management, storage, preparation and data access for market data across capital markets.

Theodore Voegt, INQDATA CEO, said its cloud-based solution could be transformative for financial institutions and hedge funds around the world.

He said: “To maintain a competitive edge, it is a strategic imperative for firms to adopt a modern technology stack that fosters business growth.

“Our high-performance, cost-effective market data-as-a-service solution allows firms to accelerate time-to-value and reduce their total cost of ownership.

“We are proud of our deep Northern Ireland roots and really see Belfast and Newry as global centres of excellence.

“While our sales teams will be based in London, which is where our clients mostly are, we will certainly have a strong foothold in Northern Ireland.

“This investment marks a tipping point for us, and we feel very privileged to have the backing and support of the Investment Fund for Northern Ireland through Clarendon Fund Managers, Iona Star Capital and Techstart Ventures.”

Brian Cummings, Clarendon Fund Managers investment director, said: “INQDATA’s technology is a game-changer for both financial data vendors, as it makes their data sets more easily accessible, while also transforming how financial institutions not only accelerate time-to-insights to find an edge but also reduce data management costs.

“Supporting innovative companies like this is exactly what the Investment Fund for Northern Ireland was created for, and I am delighted to be working with the team at INQDATA and seeing where this exciting journey leads to.”

Mark Sterritt, British Business Bank director, nations and regions investment funds, said: “INQDATA has all the ingredients to be a great success. They have a team of experts who have come together with the aim of solving a real issue for the industry.

“I have no doubt this is just the start of INQDATA’s success story and it really is pleasing that the Investment Fund for Northern Ireland has been able to support them at this important stage in their development.”