TORONTO, ON – ThinkData Works, Inc. (ThinkData) has announced an investment from the OpenText Enterprise Apps Fund (OTEAF). The funds will be used to support ThinkData’s global expansion. The transaction will also see Tony van Marken, General Partner at OTEAF, join ThinkData’s Board of Directors.
ThinkData’s platform allows organizations to access data from hundreds of public sources and helps enterprises transform proprietary data sets into a standardized format. Organizations can use these rich data pools to build predictive models and derive insights.
“Our investment in ThinkData reflects our belief that data is the most valuable asset for enterprise today. The ThinkData platform allows its customers to unlock the potential of their own data, and layer in new sources to generate actionable insights,” says Tony van Marken. “The company has already won Tier 1 enterprise customers, reinforcing our conviction in the value of the platform to some of the most sophisticated institutions in the world.”
ThinkData’s customers include Royal Bank of Canada, the Government of Canada, Bank of Nova Scotia, TD Bank, and The Altus Group among others.
“If you’re only looking at your own internal and siloed data environment to drive your business forward, you’re missing 90% of the information you need to start leveraging in order to remain competitive in tomorrow’s business landscape. This is true for every company in every sector,” says Bryan Smith, Co-Founder and CEO of ThinkData.
Using ThinkData’s platform, Namara, organizations are capable of taking endless amounts of public and private data sourced from anywhere in the world and layering it upon existing practices or integrating it into new business intelligence solutions.
“We are unlocking the ability to link and layer data sets that, although related, have traditionally remained siloed,” says Mr. Smith. “By boiling down every dataset to its raw features, we can rebuild it into master data records that adhere to a common standard – and we can do so at scale. This clean data works like rocket fuel and launches our clients’ analytics capabilities to new heights.”
OTEAF joins Extreme Venture Partners (EVP) and MaRS IAF, ThinkData’s initial seed investors, who backed the company in its early stages. “In the last decade, the world’s most important companies have become experts in data – its capture, its analytics, and its use. ThinkData’s platform unlocks this capability for all the companies out there that need to play catch up,” said Ray Sharma, Managing Partner of EVP. “We bet early on ThinkData because they had a sobering idea; data needs to be as accessible as tap water. Companies need to be able to turn on the faucet and watch the data flow.”
Lewis Wynne-Jones, ThinkData Works, Inc.
Head of Data Acquisition and Partnerships
About ThinkData Works
Founded in 2014, ThinkData Works focuses on the aggregation and modification of large data sets, enabling businesses to create new products and insights. The platform is designed to access high value data in standard usable formats.
For more information visit: thinkdataworks.com
About Extreme Venture Partners
EVP is an early stage investment fund, startup development lab (Extreme Innovation) and global-to-Canada accelerator (Extreme Accelerator) that invites diversity as the spark of brilliance and innovation, quietly launching some of the Canada’s most interesting startups. EVP has developed a comprehensive startup ecosystem, as well as a not-for-profit organization (Hackergals) dedicated to addressing the gender imbalance in coding. Learn more about EVP’s “firsts”.
For more information visit: evp.vc