Enigma
New York, US · Founded 2011 · Delaware corporation · 143 employees on LinkedIn · 8 known investors
Find your way into Enigma
Enigma aggregates and analyzes public and third-party data to provide intelligence on the identity and financial health of small and medium businesses in the United States. The platform enables companies to access financial services and insights needed for business growth.
Also known as Enigma Technologies
Founders & leadership
Board
Investors · 8
Funding
SEC filings, press & company announcements$38.7M disclosed across 3 rounds · 2013–2025
- $6MSeed roundOct 2025 · 2 sources
Blumberg Capital (lead), Gradient Ventures (lead), Gradient
Source ↗
▶$28.2MraisedJul 2015 · 17 investors · Other TechnologyRule 506(b)
- Scott SandellDirector
- Hicham OudghiriExecutive Officer, Director
- Ben NarasinDirector
- Andrew ClelandDirector
- Marc DaCostaExecutive Officer, Director
- Offering amount
- $28.2M
- Amount sold
- $28.2M
- First sale
- Mar 2015
- Incorporated
- Corporation, Delaware, 2011
- Federal exemptions
- 06b
▶$4.5MraisedFeb 2014 · 16 investors · Other TechnologyRule 506(b)
- Andrew ClelandDirector
- Marc DaCostaExecutive Officer, Director
- Ben NarasinDirector
- Jeremy BronfmanExecutive Officer, Director
- Offering amount
- $4.5M
- Amount sold
- $4.5M
- First sale
- Aug 2013
- Incorporated
- Corporation, Delaware, 2011
- Federal exemptions
- 06b
Source: SEC EDGAR Form D. Amounts as filed; amended filings shown once at their latest values.
Company profile
researched Aug 2026Enigma is a business-data company that assembles intelligence on the identity, activity and financial health of small and medium businesses in the United States. Its core asset is the Enigma Identity Graph, which links brands, DBAs, locations, legal entities, owners and government records into a single resolved profile per business, and updates that profile as the business changes. The company states the graph contains more than 2 billion relationships with 99.2% pairwise precision, and that profiles are cross-referenced against websites and other operating signals to exclude businesses that are registered but not actually trading.
On top of the identity layer, Enigma publishes observed financial and operating attributes rather than modeled estimates, including card transaction revenue, revenue growth trajectories, refunds, average ticket size, openings and closings, and merchant risk signals. It states this revenue data is derived from roughly 40% of U.S. card volume across the top 60 card-issuing banks. A separate offering, GovArchive, provides access to billions of records from thousands of government agencies — OSHA citations, permits, licenses, UCC filings, contracts, health inspections, building permits, enforcement actions, tax liens and other regulatory filings — anchored to the same identity graph. Additional data attributes marketed include EIN verification, virtual address detection, sole-proprietor coverage, business locations and newly transacting businesses.
Enigma positions these datasets around specific customer workflows: KYB and onboarding verification, customer and transaction screening against sanctions and watchlists, go-to-market targeting of operating businesses ranked by observed revenue and growth, payments (visibility into a merchant's total card volume beyond a single acquirer's share), and payment risk and merchant underwriting.
Business model
Enigma licenses access to its resolved business records and derived attributes to other companies, delivered through an API for production workflows, a Console research interface for analysts, and an MCP interface for AI agents and automated systems.
Latest developments
Enigma has introduced GovArchive, a product providing access to billions of government agency records anchored to its identity graph, and offers MCP-based access intended to supply grounded business data to AI systems and agents.
▸Full profile — market position, technology, go-to-market, geography
Market position
Enigma presents itself as an identity and financial-health data layer covering every U.S. business, differentiating on data other providers do not hold, including observed card-transaction revenue and resolved government filings; case-study claims include a 94% KYB match rate when stacked on existing vendors, 60% lower KYB verification cost when used as the primary source, and a 380% lift in business lending conversion relative to other SMB data sources.
The company emphasizes observed rather than estimated activity data — revenue, growth, refunds, openings and closings drawn from card transactions — combined with entity resolution that links brands, DBAs, locations and registrations to one profile and filters out inactive or 'ghost' businesses, plus government filings anchored to the same graph.
Technology
Enigma engineers data from hundreds of online and offline public, private and proprietary sources — Secretary of State filings, IRS records, legal filings, web crawling, card revenue data, industry and activity signals, associated people and watchlists — and applies data science and proprietary machine learning to entity resolution, producing a unified identity graph with stated 2B+ relationships and 99.2% pairwise precision. Access is offered via API, a web console, and an MCP-based agentic interface.
Go-to-market
Enigma sells directly, offering both self-serve data exploration and consultation with its data specialists, and supports adoption with published customer case studies covering KYB match rates, verification cost, and lending conversion.
Teams responsible for KYB and onboarding, sanctions and watchlist screening, payments and merchant acquiring, payment risk and underwriting, small-business lending, and B2B go-to-market targeting; more broadly, companies making decisions about U.S. small and medium businesses.
Geography
Coverage is focused on the United States, spanning U.S. business registrations, thousands of U.S. government datasets and U.S. card volume.
Compiled by commissioned research from 8 cited public sources — announcements, filings, and press listed under research sources below.
Key figures
latest reportedCompany-reported or press-reported figures, each dated to when it was claimed — not independently audited.
Competitors · 3
by search overlap
Companies competing with Enigma for the same Google search keywords, organic and paid, via search-intersection analysis.
Timeline · 1
launches, deals, and filingsEnigma announced GovArchive, providing access to billions of records across thousands of U.S. government agencies — OSHA citations, permits, licenses, UCC filings and contracts — resolved to businesses in its identity graph.
Dated company events from announcements, filings, and press; legal rows summarize public dockets and regulator releases.
Legal entities · 1
corporate structureIn the news
Caliber Mining’s ₹450 crore IPO opens today; raises ₹135 crore from anchor investors ahead of issuefortuneindia.com · Jul 2026▸Research sources · 8
primary sources listed
- Enigmaenigma.com · web
8 public sources were cited for this profile; the first-party ones are listed here.
Frequently asked questions
- What does Enigma do?
- Enigma builds a US business identity graph combining public records and card-transaction data for KYB, underwriting and go-to-market.
- Who are Enigma's investors?
- Enigma's investors include Comcast Ventures, Crosslink Capital, Expansion Venture Capital, Glynn Capital Management, New Enterprise Associates (NEA), Third Point Ventures, Blumberg Capital, Gradient Ventures.
- How much funding has Enigma raised?
- Enigma has disclosed $38.7M raised across 3 rounds.
- Where is Enigma headquartered?
- Enigma is headquartered in New York, US.