Thinknum raises $11.6 million to expand its financial modeling tools
Summary
Thinknum cofounder and president Justin Zhen told VentureBeat by email that the firm will invest the fresh capital in developing its product and enhancing its infrastructure. “Alternative data” comprises a range of public information that can be gleaned from the web — such as product comparisons, company ratings on jobs sites, and data scoured from corporate and regulatory filings. For instance, Thinknum scanned Apple’s recruitment posts last year to report that the iPhone maker had become more aggressive in hiring engineers to develop its Siri assistant. “Using our platform, clients have access to the raw data, as well as specific tools that help them answer important business questions,” Zhen explained. According to a report by Greenwich Associates, 50 percent of institutional investors planned to increase their usage of alternative data in the coming year.
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