SteelEye, the compliance technology and data analytics firm, today announced that it has completed a £2.9m fundraise extension led by capital markets venture capital firm, Illuminate Financial, bringing the total seed funds raised to £5.7m.
The funding will help drive the expansion of SteelEye’s products and services and its ability to serve a growing client base during a time of rapid regulatory change.
SteelEye’s innovative cloud based solutions helps clients to solve compliance challenges for MiFID II, MAR, EMIR, Dodd Frank and other international regulatory obligations. SteelEye brings together order, trade, market and reference data along with communications (electronic and voice), and counterparty information (CRM) helping firms not only conform to regulations, but to trade with greater efficiency, profitability and control. At the same time, its open API framework allows clients to harness the power of their data in whatever manner best suits their business needs. SteelEye is the only platform that offers transaction reporting, record keeping, trade reconstruction, best execution, communications & trade surveillance and data analytics in a single comprehensive solution.
“We’re excited to add SteelEye to the Illuminate Portfolio” said Mark Beeston, Managing Partner and Founder of Illuminate Financial Management “SteelEye have brought scalability and usability to the RegTech space in a way that can also deliver valuable business insight moving beyond cost and compliance into providing competitive advantage as well” he added.
Matt Smith, CEO at SteelEye, commented: “We are pleased to have completed our seed financing following a successful first year for SteelEye. Illuminate shares our vision for the future of RegTech and bring with them a great deal of experience, which we think will be instrumental during the next phase of the company’s growth.
“The past year has seen a whirlwind of regulatory change with MiFID II, PSD2 and GDPR all coming into force and it has proven an auspicious time to begin our journey helping provide data solutions for financial firms. We are here to disrupt the traditional way of approaching data and compliance.”
Since its launch in October 2017, SteelEye has already established an international footprint, including a presence in Switzerland, and now has 30 clients from five different countries. The firm has also announced a number of key partnerships, including with financial consultants Baringa & EY, the London Stock Exchange, regulatory reporting solutions providers, mobile and fixed line recording companies including Verint & Redbox and several aligned technology and service providers.
“SteelEye enables clients to bring disparate and siloed data into a secure central location, once the data is centralised and accessible this creates an incredibly powerful platform for further analytics and products including synergies with our other portfolio companies” commented Alexander Ross, Investment Director at Illuminate Financial.
SteelEye’s disruptive impact in the RegTech market has already been recognised with the firm being included in the 2019 RegTech 100 list. SteelEye was selected earlier this year to join EY’s Fast Growth Platform and its Accelerating Entrepreneurs programme, as part of a cohort of only 30 global, innovative, high-growth startups. The firm also featured in the top 20 of Harrington Starr’s 100 Most Influential FinTech Companies for 2018