RegTech startup SteelEye raises $10 million
Enterprise data management RegTech SteelEye has secured $10 million in growth capital in a round led by the FinTech Strategic Investments team at Eight Roads, the proprietary investment firm backed by Fidelity, alongside existing investor Illuminate Financial.
The Series A funding round takes the total amount raised by SteelEye to $20m to date. Established in October 2017, SteelEye hoovers up, cleanses and indexes data from existing silos, enabling clients to manage their regulatory obligations and perform further business analysis from a single platform. Matt Smith, CEO of SteelEye, says: “Data accuracy has been one of the biggest challenges facing firms’ following regulations such as MiFID II. 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." To date, the firm has launched products for record keeping, trade reconstruction, transaction reporting, trade and communications surveillance, best execution reporting, transaction cost analysis and advanced analytics for regulations including MiFID II, EMIR, Dodd-Frank, SMCR and MAR, picking up 50 clients across seven countries in the process. Mark Beeston, managing partner and founder of Illuminate Financial Management, comments: “Since we invested in SteelEye’s late seed round, they have continued to fit perfectly in Illuminate’s Enterprise FinTech focused portfolio, providing a centralised and infinitely scalable data solution for financial institutions. When a client’s data is all in one place, SteelEye’s ability to deploy new RegTech or business intelligence modules, either homegrown or via partnerships, is very powerful.”