Compliance and data analytics company SteelEye has secured $10m in its series A round which was led by Eight Roads.
Other contributions came from Fidelity and previous SteelEye backer Illuminate Financial.
Founded in 2017, the company helps financial firms around the world to reduce the complexity and cost of compliance.
Its product suite spans record keeping, trade reconciliation, transaction reporting, trade and communication surveillance, best execution reporting, transaction cost analysis and advanced analytics for regulations such as MiFID II, EMIR, Dodd-Frank and SMCR.
The RegTech company released a holistic communications and trade surveillance solution. The new service enables institutions to consolidate a variety of data sources to help meet compliance obligations and improve assessment of trade and communication records.
With the close of the round, SteelEye has now raised a total of $20m in equity financing. The company previously bagged £5.7m in a seed round back in 2018 from Illuminate Financial.
SteelEye CEO Matt Smith said, “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.”
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