Duedil has raised $5 million for its platform that uses open data to help companies conduct due diligence. The Series A round was led by Notion Capital. Also participating were Oak Investment Partners as well as Passion Capital and Spotify investor Shakil Khan. With the funding, Duedil is hiring data scientists and beefing up its resources for expansion.
Duedil is a company that shows what innovation can come when governments open their data. That’s what has happened with Duedil, which directly benefits from open data policies in the United Kingdom and those emerging in the European Union. With open data, Duedil can link data from different sources, aggregate it and provide it free or soon to come, on a subscription basis.
At its core, Duedil offers a data analytics and visualization engine. Using the service, for example, a corporate lawyer can research a company’s corporate structure. The lawyer can visualize in a mind-map the company’s shareholders and investments.
Last fall, Mike Butcher wrote about Duedil opening its API. Developed with Mashery, Duedil offers up to 20 years of information on all companies registered in the UK and Ireland. With the EU opening its data, Duedil will extend its network across the continent.
This is some pretty cool stuff. The data analysis is detailed and the visuals bring the information to life. Just take a look at this blog post about how it developed its new credit rating service.
It draws from GitHub’s Histogram and the colored bands resistors to show data in a new dimension. This is not your old school credit score. This is something to marvel at both in terms of the analysis it provides and the elegance of the design.