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Ntropy raises cash to normalize and classify transaction data

October 12, 2022


Ntropy, a company offering an API that enriches transaction data for financial services businesses, today announced that it raised $11 million in a Series A round led by Lakestar with participation from QED Investors and January Investors. CEO Nare Vardanyan says that the funding will be put toward growing the company’s team, specifically in the areas of market, product and engineering.

Ntropy was co-founded by Vardanyan and Ilia Zintchenko, who started working together on ideas for the service 2018 and launched it in 2020. Zintchenko previously co-founded Mindi, a workload management system for data centers, while Vardanyan was an investor at AI seed, a London-based venture firm focusing on AI and machine learning startups.

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