Solidatus, a data lineage platform aimed at helping firms meet regulatory compliance, has scored £14m in its Series A funding round.
AlbionVC led the round, with participation also coming from HSBC Ventures and Citi.
The company will use the funds to accelerate its global expansion efforts, with the aim of boosting its presence in the US, Europe and Asia. Funds will also be used to offer data management capabilities to new verticals.
The RegTech company enables organisations to map, manage and monetise their key data. Firms leverage the platform to visualise and understand their data to help drive business intelligence, enhance digitalisation efforts and meet regulatory compliance.
Its clients include global financial, pharmaceutical and consulting firms.
HSBC chief data and architecture officer Kate Platonova said, “As a large global bank, we manage complex organisational metadata.
“Through our partnership with Solidatus we have dramatically improved some of our workflows, reducing both the risk and speed to market for some of our major international programmes. Their graph technology has been particularly instrumental in helping us to achieve this. As management of metadata becomes ever more critical to success, we believe Solidatus will play an increasingly strategic role for HSBC in the future.”
The RegTech witnessed strong growth in 2020, with it more than doubling in size, quadrupling its revenue and maintaining profitability.
Solidatus recently revealed it will take part in the UK Department of International Trade’s Virtual US RegTech Roadshow
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