SteelEye Bags $10M in Series A Funding

Banking CIO Outlook | Monday, March 23, 2020

Matt Smith, CEO of SteelEye

Helping financial firms stay future-proofed with reliable compliance and data management solutions, SteelEye bags $10M in Series A funding.

FREMONT, CA: The compliance technology and data analytics firm, SteelEye, has secured $10 million in Series A funding. This round of investment was led by FinTech Strategic Investments team from Eight Roads, the proprietary investment firm backed by Fidelity, and the company's existing investor Illuminate Financial. The total funds SteelEye raised sum up to $20 million. The company mitigates the complexity and cost of compliance, facilitating financial firms globally to manage their regulatory obligations seamlessly.   

SteelEye has the potential to bring together functions such as data indexing, cleansing, and analyzing. The company has also unveiled solutions for record-keeping, transaction reporting, trade reconstruction, trade and communications surveillance, execution reporting, transaction cost analysis, and advanced analytics for regulations including EMIR, MiFID II, SMCR, Dodd-Frank, and MAR. 

"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," says Matt Smith, CEO of SteelEye.

The funding will be further used to enable firms to instantly query and analyze any dataset within the platform to transform how they interact and use their financial and regulatory information. "SteelEye's innovative data and RegTech platform is successfully helping financial firms manage their increasingly complex compliance obligations," said Alokik Advani, Managing Director, FinTech Strategic Investments at Eight Roads. "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."

SteelEye is a regulatory compliance technology and data analytics firm that offers MiFID II Solutions. The company aims to help financial firms comply smarter and fully leverage their data. With SteelEye, firms can future-proof themselves in a world where data intelligence is a key source of competitive advantage.

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