British banking group Barclays has invested in financial simulation technology company Simudyne.
The investment is part of a $6m series A financing round.
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Barclays, which led the round, was joined by Graphene Ventures and Gauss Ventures.
The fresh funds take the total money raised by Simudyne till date to $10m.
With the new capital, the firm plans to increase staff headcount and expand the application of its technology beyond bank stress testing, financial risk and contagion management.
The London-based firm now intends to explore applications covering market execution and anti-money laundering.
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By GlobalDataSimudyne CEO Justin Lyon said: “Simudyne technology is proven to help banks solve challenges such as understanding market contagion, stress testing and simulating market execution.
“We will build on our current growth trajectory by driving client acquisition within financial services while entering attractive new sectors later this year.
“Simulation will be a multi-billion-dollar market within the next five years and we will be best positioned to capitalise on that opportunity.”
Simudyne’s technology simulates millions of scenarios to enable firms test their decisions.
The company’s revenue is said to have surged 600% on a year-on-year basis in 2018.
Earlier this year, Barclays unveiled plans to make a significant investment and pick a minority stake in Bink, a payment-linked loyalty start-up.
