U.A.E.-based investment data platform MAGNiTT has raised US$1 million in a seed financing round led by global venture capital investor 500 Startups. Fund managers Middle East Venture Partners and KISP Ventures, Saudi Arabia-based professional services firm Financial Horizon Group and U.A.E.-based information technology group iNet also participated in the round. MAGNiTT plans to use the funds to improve its platform and expand its geographic presence outside of the region.