Compliance tech and data analytics firm SteelEye has raised $10 million in growth capital, reports Jane Connolly.
The Series A funding round was led by the Fidelity-backed Eight Roads, with participation from Illuminate Financial, taking SteelEye’s total funds raised to $20 million.
Founded in 2017, SteelEye’s solutions have helped financial firms to overcome the cost, logistical and reporting challenges of regulatory compliance by bringing data together through a single platform.
So far, SteelEye has launched solutions for record keeping, transaction reporting, trade reconstruction, advanced analytics and more, for regulations including MiFID II, EMIR, Dodd-Frank, SMCR and MAR.
“Data accuracy has been one of the biggest challenges facing firms following regulations such as MiFID II,” says Matt Smith, CEO of SteelEye. “By solving the data problem first, our clients not only save cost and free up time but gain unparalleled insight into their business and commercial operations. Eight Roads shares our ‘data first’ vision and will be instrumental in helping us grow our business.”
To date, SteelEye has attracted over 50 clients across seven countries.