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FST Network helps financial institute to manage tons of data effortlessly, now expand to the UK and Japan
Enterprises are now facing difficulties managing a great quantity of data. FST Network, who just raised US$2,900,000 on the seed round, came up with the data management solution with a logical system. This young startup has drawn great attention from financial institutions worldwide.
Nowadays, big data is overwhelming like a tsunami. Since last decade, companies have been puzzling over how to better analyze and manage big data, as the techniques seem game-changing to enterprises’ future. FST Network has come up with a smart way to connect big data altogether.
Building logical pipes out of tsunami-like data
Picturing a company’s system as a house, FST Network describes itself as a plumber who specializes in building data pipes for logical management. This plumber doesn’t build a database from scratch; It doesn’t create a data middle office, either. Instead, FST Network built a 3D printer for making the pipes, connecting the data flow based on the original system. The plumber is soon known as a “virtual assistive data officer” that deals with the metadata of the enterprises.
The company develops Logic Operation Centre (LOC), which adopts a flexible framework. It labels the data to present the lineage and therefore connects all the data flow based on operational logic. LOC works as a communication hub and could fulfill tasks including hybrid cloud transformation, data science acceleration, and automated risk assessment.
The hub extracts and analyzes metadata safely and securely, which allows users to view multidimensional lineage in seconds. “LOC will take two seconds to process the data or calculate while others need half a minute,” said FST Network CEO and cofounder Jack Chu.
“Everytime a new regulation or an accounting standard occurs, LOC responses fast and supplement the logic process,” said Leo Chou, the chief operating officer of FST Network. The design of LOC reduces the customized codes by 70%. Avoiding repetitive work, the company has simplified the process into a unified format, which focuses on logical management and customization.
FST Network solve the data problem, winning recognition from law giant CMS accelerator
With its data management solutions, FST Network starts to draw attention from companies and agencies from home and abroad. The company has helped Hotai Insurance, owned by Taiwan's largest automobile manufacturer Hotai Motor, with its digital transformation, building a new structure featuring lean core, flexibility and low costs.
“Through LOC produced by FST Network, we accomplished system integration smoothly,” said James Chao, Former Chief Information Officer of Hotai Insurance. “It greatly improves the efficiency of system integration, which raises operational efficiency and avoids system redevelopment,” he added.
International companies have eyed FST Network’s state-of-the-art technology, too. FST Network participated in equIP, a startup accelerator program hosted by law giant CMS. They entered the British market and made their mark. And the startup has built a partnership with Microsoft, Moreover, FST Network has worked with Amazon, Google and Advantech for co-selling and co-product.
Staged a comeback with rebranding
FST Network, initially named as “FundersToken”, has come a long way. Founder Jack Chu, who once started an AI company WayIn-Code Ltd in London, learned that digital transformation was trending and data management would be desperately needed. In 2017, He decided to go back to Taiwan and teamed up with alumnis in National Chengchi University to launch the company. They hoped to use Distributed Ledger technology to solve problems of data application.
Through their attempts, they found that what companies need is a fast-responding and logical data management system. The team worked on the system development and went through tons of market tests, endeavoring to upgrade the product and improve the company's competitiveness.
In 2019, they rebranded into “FST Network”, redefining the infrastructure and repositioning the company. They have developed the cloud platform for data management, which uses labeling and categorization to clearly present “data lineage.” After the full preparation, the team made a comeback with its virtual assistive data officer.
Due to its well-developed technologies and engines, FST Network successfully raised US$2,900,000 on their seed round this June. The investors include H&A Asia Pacific, National Development Fund Taiwan, Angel to Venture Accelerator(AVA), and Red Building Capital from Taiwan. The recognition by enterprises and venture capitals helps FST Network further extend their growth strategy. FST Network currently has clients from Taiwan, Japan, and the UK. The startup is eyeing the US and European market for the next step.
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