The company, which was founded by former portfolio managers, engineers and data scientists to help LPs generate higher returns, plans to use the capital to extend its platform.
It currently works with hedge funds, sovereign wealth funds, endowments, pension funds and other LPs.
Bain Capital Ventures’ Matthew Harris said, “We believe that Novus has developed the first platform of its kind to combine data, technology and analytics with real insight to drive performance for investors.
“We clearly have a significant opportunity to scale the business even further as other investors recognize the power of Novus.
“We look forward to working with the management team over the coming years.”
Jan Hammer of Index Ventures added, “The Novus management team has created a business which solves the issue of transparency in an industry with increasingly complex data sets that can be mined and analyzed systematically.
“Their truly disruptive platform equips investment managers and allocators with the means to aggregate and sift this data in a way which translates into better returns and greater control over their investment risks.
“We are extremely impressed with the vision and commitment of the founders.”
Egan-Managed Capital, JMI Equity and the Business Development Bank of Canada also took part in the Series C round for the US-based business.
Copyright © 2013 AltAssets