SAN FRANCISCO, Jan. 16, 2019 /PRNewswire/ -- Xpansiv today announced the closing of its $10M Series A funding round led by strategic investors that span the commodity value chain: BP Ventures, Avista Development, S&P Global (NYSE: SPGI), and Energy Innovation Capital (EIC). This select group provides a foundation for the development and implementation of Xpansiv's revolutionary platform for Intelligent Commodities™.
Xpansiv transforms primary production data into Digital Feedstock™, a new data format that combines data science, cryptography, and distributed-ledger technologies to securely and cost-effectively deliver science-based, data-driven information to global markets. For the first time, markets can efficiently assess and transact commodities in a digital format that includes information vital to their value in today's complex marketplace.
"Digital Feedstock provides the basis for the digital migration of a multi-trillion-dollar industry," said Joe Madden, Xpansiv Co-Founder and CEO. "The Xpansiv platform represents a paradigm shift in global commodity markets, and we've joined forces with leaders in the commodity sector—spanning production, trade, consumption, market-data distribution, and price reporting—in order to accelerate the digital transformation already under way."
Xpansiv's investors include: BP Ventures, the venture arm of one of the world's leading energy producers and traders; Avista Development, a wholly owned subsidiary of Avista Corp. with a long history of energy market and technology innovation; S&P Global, a leading provider of transparent and independent ratings, benchmarks, analytics, and data to the capital and commodity markets worldwide; and EIC, a premier capital provider to innovators developing leading energy technologies.
"With the support of our strategic investors, we're offering commodity market participants the opportunity to value a multitude of previously invisible and increasingly important factors in a transparent, interconnected data ecosystem," Madden said. "As a result, they're able to utilize a common system of intelligence to monetize data, reduce risk, and increase market liquidity."
The announcement follows Xpansiv's recent partnership with CBL Markets, the leading global spot exchange operator for environmental commodities. The company is also working with BP to convert some of its natural gas production data into Digital Feedstock, enabling BP to be first to market with differentiated products derived from source data.
"We believe commodity markets will be increasingly digitized and data driven," said Andy Bose, Head of Market Structure and Innovation at S&P Global Platts, a division of S&P Global. "Our focus is objective market intelligence, and we're excited to be working with Xpansiv to build on our history of leadership to enable the digital transformation of the commodity sector."
Xpansiv is a bridge between commodity-production systems and global markets. The Xpansiv team consists of experts and industry leaders with deep domain expertise dedicated to improving the way commodities are produced, managed, and traded worldwide. Xpansiv.com
Contact: Rob Dalton, Xpansiv VP Marketing & Communications—email@example.com