Funds raised in the round will be used in expanding Hivemind’s engineering and data science teams, sales and fueling the development of the company’s proprietary technology platform.

Hivemind, a data science company recently announced that it has completed a funding round that was led by Barclays and Fidelity International. For the record, the UK-based Hivemind is a member of Velocity, the Investment Associations fintech accelerator and has spun out from Winton Group, the global investment management company, in June 2018.

Hivemind develops software to help create structured data sets from unstructured sources such as news articles, regulatory filings, blogs, company reports and images. The resulting datasets are clean and rich and are developed with the use of software that uses a combination of distributed human intelligence and automated methods that refine such sources into accurate and tailored datasets, that helps in making everyday data maintenance more efficient.

Sources close to the matter have been reported to say that the funds raised in the round will be used in expanding Hivemind’s engineering and data science teams, sales and fueling the development of the company’s proprietary technology platform and widening the market reach of its data science expertise.

Daniel Mitchell, CEO, Hivemind has been reported to say in an official statement that the company is delighted to receive investment from such prestigious companies and is looking forward to working with them on the next stages of its growth.

Bart Grenier, Global Head of Asset Management, Fidelity Internationals has been quoted to say that Hivemind’s platform has the potential to help Fidelity to improve its client outcomes by enhancing its investment research capabilities and therefore the company is looking forward to supporting the future growth of Hivemind.

John Stecher, CIO, Barclays, commented that Barclays is looking forward to working with Hivemind as the team of Hivemind has demonstrated remarkable capabilities since their inception at Winton and that Barclays wants to collaborate with Hivemind in improving the effectiveness of the company’s complex datasets.

Reports suggest that Hugh Prendergast, Global Head of Product at Fidelity International along with John Stecher will be joining Hivemind’s board which includes David Harding, Winton Founder, CEO and Co-CIO, Geoff Cross, Winton Managing Director and Daniel Mitchell.