SXSW Pitch Finalist: DrumG
The Forrest Four-Cast: February 11, 2020
One of 50 finalists for SXSW Pitch 2020, DrumG is a global technology firm that builds and operates financial market applications and networks. DrumG’s flagship product is the Titanium Network, which offers next-generation derivatives valuation services to a network of global financial institutions.
More specifically, Titanium provides critical consensus pricing analytics to banks while returning true data ownership back to the individual institutions, all while offering regulatory-required valuation services in a fully transparent and automated way. Titanium significantly reduces cost and resources for clients compared to existing valuation services while optimizing valuations accuracy, turnaround speeds of consensus outputs and offers coverage flexibility to keep up with a constantly changing market and regulatory landscape.
DrumG built and deployed Titanium using enterprise-blockchain and cloud technologies and is one of the first fully approved vendors in the financial services industry serving a network of Tier 1 global financial institutions. DrumG has raised $6.5mm in Series A funding from ConsenSys, one of the largest blockchain companies in the world, led by ConsenSys’ CEO and Co-Founder of Ethereum, Joseph Lubin, and is currently raising Series B funds.
Consisting of a veteran team of financial market and technology executives, blockchain leaders, valuations/product experts and experienced engineers. DrumG is located in New York, London, Singapore and Bermuda.
Benjamin Nadareski, who handles Global Business Development and Strategy for DrumG, will pitch at SXSW in the category of Blockchain Technology from 12:30 to 1:30 pm Sunday, March 15, before a live audience and a panel of expert judges.
Winners in each of the 10 categories will be announced at the Pitch Awards Ceremony, at 6:30 pm Sunday, March 15. SXSW attendees are also invited to Meet the Finalists from 10:30 am to 12:30 pm Monday, March 16. All SXSW Pitch events take place at the Hilton Austin Downtown.
Nadareski talked about the goals for DrumG, what they’re excited about in 2020, and what blockchain and DLT can achieve for our global economy.
What is your top goal for DrumG for 2020?
DrumG’s goals for 2020 are two-fold. The priority deliverable for our team this year is the full and complete enterprise delivery of Titanium to all of our clients. This is inclusive of signing on new institutions to the network. Our second strategic goal in 2020 is to launch our second product offering into the market (non-public as of now).
Tell us about where you’re based.
DrumG is primarily based out of New York and London, and has a presence in Singapore and Bermuda. Both New York and London are global centers for the financial services industry which is DrumG’s key client base. Close proximity to our clients in order to conduct business in-person as opposed to over the phone is a major benefit of both cities.
With the exception of DrumG, what tech trend is your team most excited about?
We are personally excited for 2020 to be the year of business value for the enterprise blockchain industry. Over the last six years, the crosswinds of a premature hype cycle, Bitcoin’s price rollercoaster, and overpromising innovators clouded the blockchain industry from articulating its true value to businesses and investors when considering a traditional adoption and development timeline for new technologies.
Many of us at DrumG have been spearheading the enterprise blockchain industry since inception and we are now on the verge of recognizing true business value and measurable ROI from this technology, specifically in the financial services sector. 2020’s key drivers for adoption include but are not limited to maturity in enterprise-readiness of DLT’s (i.e. security, privacy, support, availability etc…), the regulatory environment catching up and significant progress in several breakthrough use-cases (including Titanium).
What is the most over-hyped tech trend?
The year’s just beginning, and considering how fast technology and innovation trends change, I’m sure we’ll see something crazier than JesusCoin this year.
Although it is a distinct interest of mine as an ex-physicist, in 2020 I do not think we will see breakthrough use-cases in Quantum Computing, despite its significant progress over the last few years. The technology is primarily thriving in advanced private research labs and still has considerable steps to take before being ready for the enterprise. QC has the potential to change the technical decision-making process as we know it and revolutionize the speed at which it is done forever, unlocking insights we never imagined possible. Despite its capabilities, democratized use of QC and QC applications are still a ways away.
If you weren’t working for DrumG, what would you be doing?
For one thing, I would still be working heavily in the blockchain and digital asset industry! Outside of DrumG, I am an active guest lecturer at the Wharton School at University of Pennsylvania with previous engagements at Brown University, Yale School of Management, Fox School of Business and several other universities speaking on digital assets, DLT and blockchain technology, capital markets, and disruptive technology adoption. Alongside academic work, I am an officer at the Blockchain Association of New Jersey where we are working with state legislators in writing and advising a state-wide bill that will govern digital asset and DLT business operations across the State of New Jersey.
Financial markets’ systematic importance to the welfare of all humans highlights the revolutionary nature of what blockchain and DLT can collectively achieve for our global economy, which is a line of sight to achieving a truly democratized financial ecosystem.
What has the startup experience taught you about life?
Shared culture and the values behind your team’s collective vision will make or break your success, especially during periods of volatility. At DrumG, we focus heavily on our core values such as forging trust and showing grit, which are attributes that become second nature to our team during tough times due to the day-by-day focus we place on developing these values.
What motto or quote do you live by?
“You are always one decision away from a totally different life.”
Look for more interviews with other finalists in this space between now and the start of SXSW Pitch on Saturday, March 14. Visit this page to see all previous interviews in this series as well as a list of all finalists.
If you are an entrepreneur, check out the SXSW 2020 Startups Track, which runs March 13–17. This track brings together founders and funders and showcases exciting new companies, products, services, and business models across different verticals and industries.
Hugh Forrest serves as Chief Programming Officer at SXSW, the world’s most unique gathering of creative professionals. He also tries to write at least four paragraphs per day on Medium. These posts often cover tech-related trends; other times they focus on books, pop culture, sports and other current events.
