Financial simulation startup Simudyne has announced a $6 million Series A funding round, led by Barclays.

Graphene Ventures, an early investor in Snap and Lyft, and Gauss Ventures, early investors in Revolut and Tandem, also contributed to the round, bringing total capital raised since Simudyne was founded in 2007 in to $10 million.

The firm said it would use the funding to continue developing its enterprise software solution, which allows firms to test drive their decisions and future scenarios using artificial intelligence (AI) and machine learning-powered agent-based modelling.

The analytics software has been used to simulate bank stress testing, financial risk and contagion management. New applications include market execution and anti-money laundering.

The company said would also continue to invest in expanding its team, which has grown to 30 staff members, following a 600 per cent year-on-year increase in revenue.

Justin Lyon, chief executive of Simudyne, said that simulation would be a multi-billion-dollar market within the next five years.

Andy Challis, managing director of principal investments at Barclays, said: “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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