Prattle, the leading provider of sentiment data solutions for research analysts, traders and other finance professionals, announces a $3.3m seed round of financing led by partners of GCM Grosvenor.
New Enterprise Associates (NEA), Correlation Ventures, Plug and Play Ventures and a group of prominent Silicon Valley and Wall Street angel investors also participated in the oversubscribed round. The company will use the capital to continue building out its proprietary sentiment analysis products.
“Our mission is to deliver world-class technology and tools that give finance professionals a comprehensive, unbiased, quantitative measure of market-moving language,” said Evan Schnidman, CEO of Prattle. “Grosvenor, NEA and Correlation provide valuable expertise in technology and capital markets finance that will guide our expansion; we are thrilled that they are backing our next phase of growth.”
Prattle uses natural language processing, sentiment analysis and machine learning to quantify the relationship between language and the market. Prattle’s patent-pending methodology algorithmically generates data that is designed to predict the market impact of central bank and corporate communications. Prattle’s solution streamlines the financial research process with data delivered in real time. Finance professionals use Prattle data—accessed through an interactive web portal, email notifications or an API—to anticipate and spot market trends, enabling them to build data-driven trading strategies.
“Text analytics, machine learning and artificial intelligence will all become important prerequisites for any thorough, high caliber investment research. Prattle’s cutting-edge sentiment analysis has enormous potential to provide this capability to asset managers on a cost effective, outsourced basis,” said Michael Sacks, CEO of GCM Grosvenor. “We look forward to working with Prattle as they continue to build their unique technology platform and product offerings in a manner that adds significant value to the marketplace.”
“Prattle’s technology is fundamentally changing the way traders and analysts think about and consume financial information. Data matters more today than ever before, and being able to effectively quantify market-moving language has tremendous potential not only in financial services, but in a variety of other industries,” said Trevor Kienzle, managing director of Correlation Ventures. “We are excited to participate in Prattle’s seed financing round and look forward to working closely with the team as they pioneer the next generation of investment research.”