Enigma

Enigma Technologies, Inc. operates as a data-as-a-service company, focusing on providing intelligence about the identity and financial health of businesses, particularly small and medium-sized enterprises in the United States. The company was established in New York City in 2012 by Marc DaCosta and Hicham Oudghiri, who currently serve as Chairman and CEO, respectively. Their journey began as friends and philosophy students at Columbia University, with the 2008 financial crisis sparking their interest in making public data more connected and actionable to understand complex world events. Initially, they bootstrapped the company by taking on odd jobs before securing their first office in 2011.

Enigma's core business revolves around transforming vast amounts of data from hundreds of public and private sources into a coherent, unified view of businesses. It utilizes machine learning, knowledge graphs, and AI to ingest, standardize, and link disparate data points, creating a comprehensive profile for each entity. This allows clients to receive underwriting-quality intelligence on approximately 49 million U.S. businesses. The data includes deep firmographics, corporate registrations, real revenue and growth signals, payment technologies used, and contact information. Revenue is generated by providing this data to Fortune 500 companies and other businesses through a flexible GraphQL API or direct data warehouse synchronization, designed to be embedded into client systems rather than used as a standalone platform.

The company serves clients across various sectors, including financial services, insurance, and pharmaceuticals, for a range of applications. Key use cases include Know Your Business (KYB) compliance, customer onboarding, payment risk underwriting, go-to-market strategies, and fraud detection. For instance, Enigma's data helps financial institutions overcome the data scarcity that often leads to small business loan denials. Major clients have included American Express, PayPal, Merck, and Capital One. A significant milestone was winning the TechCrunch Disrupt Startup Battlefield in 2013, which was followed by several funding rounds, including a $95 million Series C in 2018 led by New Enterprise Associates (NEA), bringing its total funding to $130 million.

Keywords: business data, data-as-a-service, financial health, entity resolution, KYB, underwriting, lead generation, risk management, small business intelligence, data integration