Paris-based 73 Strings, the financial intelligence platform using AI to for data extraction, monitoring and valuation in the $17.6 trillion alternative asset management industry, has successfully closed a $55 million Series B investment round.
The round was led by Growth Equity at Goldman Sachs Alternatives, with continued investment from Blackstone Innovations Investments and participation from Golub Capital, Hamilton Lane and Broadhaven Ventures.
“This Series B is a pivotal milestone for 73 Strings,” said Yann Magnan, 73 Strings co-founder and CEO.
“There is exponentially greater demand on the alternative asset markets, and managers need similarly greater flexibility to understand their portfolio performance.
“Our teams are working day and night to create the best data extraction, monitoring and valuation tools for these markets so that every participant – from allocators to managers to retail investors – can benefit from a more holistic, efficient and intelligent understanding of their investments as they focus on value creation …
“The trust of Goldman Sachs and Blackstone, coupled with support from Golub Capital, Hamilton Lane, Fidelity International Strategic Ventures, and Broadhaven Ventures underscores confidence in our technology, team, and vision.”
Jade Mandel, investor at Growth Equity at Goldman Sachs Alternatives who is joining the Board of 73 Strings, said: “73 Strings’ intelligence platform is designed to help Alternative Asset Managers adapt to the increasing complexity of private markets investing.
“By accelerating the adoption of modern data architecture and flexible, efficient workflows, 73 Strings is positioning itself as a software inflection point for the private markets industry. We are excited to support this team and their innovative vision of transforming how private capital firms use data and intelligence and drive decision-making.”
Stevi Petrelli, Head of Blackstone Innovations Investments, said: “As private markets continue to grow rapidly in scale and complexity with assets requiring more frequent reporting, the need for more data, benchmarks, and analytics around asset valuations becomes essential for investors seeking greater transparency in their private market portfolios.
“In order to meet this need, we reviewed all of the leading solutions and selected 73 Strings as the best-in-class solution for operating at scale. Today, 73 Strings supports Blackstone’s valuation and portfolio monitoring processes across the majority of our businesses.”