Brooklyn-based Chronograph announced Wednesday that it raised $20 million to grow its technology that helps institutional investors analyze private capital markets.
Founded in 2016, Chronograph’s cloud-based analytics and data management technology is able to digest financial data in any format. This allows private equity firms and their investors to streamline and automate portfolio monitoring, valuations, analytics and reporting.
Chronograph monitors more than $6 trillion in private equity and venture capital assets, according to the company.
“The enormous growth in private capital strategies over the past decade has brought about an equally significant expansion in the volume and complexity of valuable data that the world’s best investors look to efficiently gather, manage and use,” Chronograph co-founder and CEO Charlie Tafoya said in a statement. “We are focused on driving continued innovation on behalf of our clients and are excited to invest further in capabilities that support more timely reporting and analysis, improvements in ESG data management and [limited partner and general partner] data inter-connectivity.”
The funding round was led by Summit Partners and joined by Carlyle Group and Nasdaq Ventures.
Instead of classifying the funding as a Series A, B or C round, Tafoya said the company is calling this a Series X round because it has not pursued a “traditional fundraising strategy.”
“Instead, we have focused on building a scalable, capital-efficient company with a world-class team,” he said in a statement.
Chronograph has roughly doubled its headcount over the past year to 75 employees. The company expects to once again double its headcount in the next year. Chronograph will hire across all functions, including engineering, product, sales and client success.
