Two Sigma, Goldman, and Citi invested $41 million in data startup Crux Informatics. But the past 12 months has seen the startup churn through execs as it looks to solve Wall Street's data woes.
the hedge fund had led its $20 million Series B, which included follow-on investments from Goldman and Citi.
Initially, the majority of the development of the tech was done out of Crux' San Francisco office, which was made up of employees from Incapture Technologies, an enterprise software company Crux acquired in the fall 2017. Brittan said Crux bought Incapture to serve as a boost to the startup early on, with the goal of having most the tech work done there while the New York office would serve as the client-facing hub.
Sources say that the struggling tech prompted the board to push Brittan to hire a CTO, a role he had been doing himself since the company's founding, though Brittan said he was happy to bring on someone for the role, and interviewed roughly 20 candidates. Brittan said the firm has clients from the biggest hedge funds to small start-ups, though declined to name any beyond the investors that are already public about working with Crux.Etherington's hire started a strategy revamp, which included stripping down a lot of the firm's technology, several sources say.
Etherington's arrival led to him bringing in his own team and placing them in New York, sources said — often in similar roles to what people were already doing in San Francisco.
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