British banking group Standard Chartered has invested in Paxata, a California-based enterprise information management outfit.
The size of the investment and other terms were not disclosed by the companies.
Standard Chartered said that Paxata’s adaptive information platform will make data more accessible and allow employees to convert raw data into a reliable business data.
At the same time, Standard Chartered also signed a joint innovation agreement with Paxata. Under the agreement, the two parties will investigate algorithms for searching, linking, aggregating and classifying data.
Standard Chartered chief information officer Michael Gorriz said: “Joining the dots across different data sources and extracting value out of data is an important element of the Bank’s strategy as a diverse global bank. Paxata is helping us transform raw data into an insightful information fabric and this can help increase our speed of decision-making.
“This investment is an important step in building our capabilities as a data-driven company where employees in all functions are able to harness data at their fingertips.”
The latest agreement builds on an existing partnership between the two parties over a compliance project, which dates back to 2016.