A series of high net worths in the investment banking space are continuing to back the growth efforts of ERN Global.
The London-headquartered business, which also has locations in California and Singapore, has closed three seed angel rounds since December.
Its first saw the big data analytics company net itself $2 million (£1.3 million) – a figure which was then added to in June 2013 when an additional $1.6 million was sourced.
Its latest investment, which is worth $1 million, has also seen the start-up acquire two analytics companies.
Dan Brassington, CEO and co-founder or ERN, comments, ‘The further funding and acquisitions of Elucidata and Inspired Analytics have put us in a very strong position prior to the launch of our first commercial client.
The capital garnered will now be used to develop the company’s big data analytics and loyalty platform Looop. The system provides card issuers and merchants with a way to increase the value of each card transaction made.
Brassington adds, ‘Banks and merchants struggle to harness the potential of transactional big data because they simply don’t have the infrastructure to store it or use it to build accurate profiles of their customers.
‘The acquisitions have strengthened Looop so it can offer even greater analytical insights to our global clients, enabling them to push highly targeted offers to individual customers at exactly the right moment, boosting long-term loyalty.’
Since founding the business in 2011, Brassington has assembled an advisory board that includes a former president of Citibank Japan, Brian Thom, and Hans Beck, chairman and co-founder of Torch Partners Investment Bank and the former CEO of Deutsche Bank Japan.
Brassington himself has held senior technical IT roles at investment banks such as JPMorgan, Citigroup and RBS.
Following the two analytics company acquisitions, James Baldwin, managing director of Elucidata, will take up the same role but in ERN’s Analytical Consulting Division. Jim Jeffrey, director of analytics at Inspired Analytics, is set to become ERN’s analytics director.