MutualFundWire.com: A Putnam Scion Raises $1.4MM for his Big Data Firm

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Friday, December 27, 2013

A Putnam Scion Raises $1.4MM for his Big Data Firm

The scion of an established old school asset firm is among those pushing the boundaries of Big Data in finance.

Lowell Putnam, great grandson of the founder of Putnam Investments is the chief executive of Quovo, a burgeoning data analytics firm that helps Wall Street firms sync their databases, track performance, benchmarks and strategies as well as maintain security of their data, among other things.

Earlier this month, Quovo closed $1.4 million in a Series A round of funding. Long Light Capital was the lead investor for this round.

“Quovo’s platform capabilities, once reserved only for high paying, large institutions and wealth managers, will soon be launched as an end-to-end, cloud-based solution available to a variety of professional investors and individuals,” stated Putnam. “This new funding round facilitates development of our platform, as well as advances the overall growth of the company.”

According to Kristin Karaoglu of VatorNews, Putnam said that Quovo is "targeting the smaller end of the institutional market, endowments, sophisticated retail investors."

Karaoglu writes that the platform is "still in public beta, but is on target to be available to accredited investors in early 2014."

Here is the press release:

Company Press Release
Quovo Secures $1.4 Million in Series A Round Funding
Investment Insights Platform to Expand Team and Accelerate Product Development

Quovo (http://www.quovo.com), a financial technology company with an online platform that reimagines sophisticated portfolio analytics and data management tools for investors, has closed $1.4 million in a Series A round of funding. Long Light Capital, LLC is the lead investor for this round.

“Though a variety of companies offer online investing tools, no one truly marries the investor’s perspective with Big Data capabilities like Quovo; they are building a groundbreaking solution to the most critical problems that all investors face today,” said Justin Korsant, of Long Light Capital. Quovo will use the investment to accelerate development and distribution of its platform, which streamlines powerful data, analysis, and workflow tools for small to mid-sized institutional investors and savvy individual investors. By combining proprietary data analytics technology with user-friendly design, the Quovo platform empowers foundations, family offices, advisors, and individuals to harness tools once reserved for the most elite financial institutions.

“Quovo’s platform capabilities, once reserved only for high paying, large institutions and wealth managers, will soon be launched as an end-to-end, cloud-based solution available to a variety of professional investors and individuals,” said Lowell Putnam, CEO of Quovo. “This new funding round facilitates development of our platform, as well as advances the overall growth of the company.”

About Quovo:

?Quovo (http://www.quovo.com) is an investment insights company that empowers investors by reimagining elite portfolio analytics as one simple, intelligent platform. Quovo’s proprietary technology combines Big Data horsepower with elegant simplicity – enabling investors of any size or sophistication level to make smarter investment decisions.

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