The Venture Codex

Participated · Series B · Sep 2022

SteelEye, founded in 2017 and based in London, provides a cloud-native compliance platform used by banks, hedge funds, brokers and asset managers. Its SteelEye Data Platform focuses on tamper-proof archiving and record-keeping built on a WORM foundation, with search and full trade-reconstruction capabilities. The product is designed to help firms meet rules from regimes such as MAR, the SEC, CFTC and FINRA while reducing risk of non-compliance. SteelEye positions itself to deliver efficiencies and automation to cut costs amid regulatory clampdowns and large data volumes. The company has previously raised around $22 million and recently completed a new financing round. Management says the new funding will be used to expedite growth, particularly in global markets such as North America. SteelEye delivers a SaaS-based regulatory data integration platform that combines communications oversight, trade surveillance and regulatory reporting on a single platform. Its product is used by banks, brokers and asset managers to reduce the complexity and cost of compliance while improving efficiency, reporting accuracy and transparency. The company says its platform supports compliance across EU, UK and now U.S. market regulations. SteelEye has opened an office in Boston as part of a North American expansion and is adding 22 staff to an existing workforce of 65. Management cites COVID-19–driven increases in e-communications, investigations and remote working as additional demand drivers for cloud-based monitoring and oversight. The firm also points to ongoing regulatory pressures (for example Dodd-Frank–related requirements) and a growing regtech market as rationale for expansion. SteelEye is a compliance technology and data analytics provider founded in October 2017 and led by CEO Matt Smith. The company offers record keeping, trade reconstruction, transaction reporting, trade and communications surveillance, best execution reporting, transaction cost analysis and advanced analytics covering regulations including MiFID II, EMIR, Dodd-Frank, SMCR and MAR. It serves over fifty clients across seven countries. SteelEye raised $10m in a Series A round and has raised $20m to date. The new capital will be used to continue to expand operations and the company's business reach. SteelEye is headquartered in London, UK.

Participated · Equity · Jun 2017

Exari provides enterprise contract management software that helps companies create, store, manage and optimize contracts. Its platform delivers complete contract lifecycle management (CLM), enabling organizations to automatically assemble contracts, track every contract, and analyze contracts for compliance and revenue enhancement. Exari serves major enterprises, including nine of the top ten insurance firms, three of the top ten banks, and leading professional services and energy firms worldwide. With the announced funding, Exari is financing its acquisition of Adsensa, a document intelligence supplier with a strong presence in the US and UK that is expanding into Continental Europe, Asia Pacific and Latin America. The convergence of the two companies is intended to strengthen Exari's platform, expand its global footprint, and provide tools to automate time-consuming contract tasks. Beacon Equity Partners, the principal shareholder, initially invested in Exari in 2008 and has continued to back the company.