Versana, an industry-backed data and technology company created to reshape the $5 trillion syndicated loan market, has raised $40 million from Deutsche Bank, Morgan Stanley, US Bancorp and Wells Fargo.

The funding round includes follow-on investments from founding investors Bank of America, Citi and JP Morgan.

Versana was set up to tackle the technology fragmentation and operational inefficiencies in the US leveraged loan industry. Last year, the company rolled out its platform as a real-time, multi-tenant solution to centralize corporate loan data directly from books and records of administrative agents.

The platform is said to enhance transparency in loan-level details and lender portfolio positions and help users convert from legacy manual processes to advanced self-service platforms.

“We now have seven of the top 10 major U.S. agent banks committed to our game-changing digital data platform, further validating our scalability and mission to modernize the loan market,” said Versana’s Founding CEO Cynthia E. Sachs.

Versana anticipates that with the addition of four more investors it will have more than 75% of US loan market agreements available on its platform in real-time.

“The innovation that Versana is bringing to market is exactly what’s needed to increase velocity and spur growth for the entire industry,” added Deutsche Bank US head of loan trading Mike Weir.