Simudyne, a simulation technology company, has closed a $6 million Series A fundraise led by Barclays.

Alongside Graphene Ventures, an early investor in Snap and Lyft, and Gauss Ventures, whose team were early investors in Tandem, the raise brings the firm’s investment total to $10m.

With a 600 per cent year-on-year increase in revenue in 2018 following the addition of new global banking clients, Simudyne has grown to 30 staff members across fields such as market simulation, fraud detection and risk management.

The new funds will help Simudyne continue to invest in talent and accelerate its engagement with the financial services sector.

“Simudyne technology is proven to help banks solve challenges such as understanding market contagion, stress testing and simulating market execution,” said Justin Lyon, CEO of Simudyne.

“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.”

Andy Challis, managing director, principal investments at Barclays, added: “Partnering with high-growth fintech companies like Simudyne is core to our technology strategy.

“As its adoption becomes more widespread, Simudyne’s platform will ultimately help cultivate a stronger, more efficient tech-enabled financial services sector.”

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