Xignite: Pronounce It Hot on the Cloud Service Fast Track

Once you learn how to say the name of the company, which phonetically is pronounced “Ex-ignite,” Xignite really is not that hard to identify.

The 30-person financial market data provider, which delivers everything through a well-designed subscription cloud service, got some good news this week in the form of serious capital backing. The fledgling San Mateo, Calif.-based company revealed a cool $10 million in Series B funding from New York-based StarVest Partners, LP and John L. “Launny” Steffens of Spring Mountain Capital, former vice chairman of Merrill Lynch.

The equity financing, which also included participation from previous investors Altos Ventures, Startup Ventures and Peter Caswell, will be used to support the company’s growth through expansion of sales and marketing operations and extension of Xignite‘s home-developed market data platform.

Xignite features some 50 financial cloud APIs and fulfills more than 5 billion service requests per month for real-time, historical and reference data that covers global equities, commodities, currencies, options, fixed income, mutual funds, derivatives and OTC instruments.

The company’s market data cloud powers applications for financial services front, middle and back office, financial Websites, investor relations, corporate enterprise resource planning and business intelligence, e-commerce and mobile for more than 900 clients in 47 countries. The customer list is impressive for a young company; examples include Citi, GE, Wells Fargo, ING, BNY Mellon, Natixis, Forbes.com, SeekingAlpha, ExxonMobil, Starbucks, Netsuite and Barrick Gold.

These guys must be doing something right. Users of the services can pick and choose any or all the services they want and have them delivered they way they want them delivered. The term “sliced and diced to order” comes to mind.

Thanks to the cloud model, you only pay for the services you use, and no more.

“The one-size-fits-all terminal model is breaking down as businesses drive productivity through simpler, nimbler fit-for-purpose apps. Cloud-based market data is the only solution that can bridge this gap,” said Stephane Dubois, CEO and founder of Xignite.

These folks get it. We’ll keep an eye on this one going forward, now that we know how to pronounced the name correctly.