SteelEye, a UK-based compliance technology and data analytics firm, announced on Modnahy it has raised $10 million through its Series A funding in a round led by the FinTech Strategic Investments team at Eight Roads, a proprietary investment firm backed by Fidelity.
Founded in 2017, Steeleye states it brings together “a wealth of data under one lens” to allow users to meet their regulatory needs. The company further explains:
“Because when all your data is in one place, you can manage multiple obligations easily and cost-effectively. SteelEye’s comprehensive RegTech suite consists of record keeping, MiFID II and EMIR reporting, trade and communications surveillance, trade reconstruction, best execution and transaction cost analysis.”
Steeleye also revealed that to date it has launched solutions for record-keeping, trade reconstruction, transaction reporting, trade and communications surveillance, execution reporting, transaction cost analysis and advanced analytics for regulations which includes MiFID II, EMIR, Dodd-Frank, SMCR, and MAR. While sharing details about the company’s development and investment, Matt Smith, CEO of SteelEye, stated:
“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. Eight Roads shares our ‘data first’ vision and will be instrumental in helping us grow our business.”
Alokik Advani, Managing Director, FinTech Strategic Investments at Eight Roads, further added:
“SteelEye has achieved considerable momentum in the market, demonstrating significant demand for its services. We are delighted to partner with SteelEye to boost their growth and we look forward to reinforcing their efforts.”