LONDON–(BUSINESS WIRE) – Solidatus, the award-winning data lineage and metadata management company, today announced that it has raised £ 14 million (over $ 19.2 million) in Series A funding to bring the point of view, understanding and management of the Changing data through companies. AlbionVC led the round, which also includes HSBC Ventures and Citi, two of Solidatus’ global corporate clients. The deal was led by Emil Gigov and Jay Wilson of AlbionVC. Jay Wilson joined Solidatus’ board of directors following the investment.
With Solidatus, companies can effectively map, manage and monetize their most important asset data. Companies around the world are dealing with complex data points and Solidatus’s first lineage approach offers up to 90% efficiency savings over traditional methods. Customers, including the world’s leading finance, pharmaceutical and consulting companies, use the software to visualize and understand their data. They take advantage of the opportunity to track data in their company to drive business intelligence, digital transformation and compliance with legal regulations.
Last year was the company’s most successful year to date. Solidatus was more than double its size, quadrupling its sales while maintaining profitability. The company was the only addition to the Gartner Magic Quadrant in Metadata Management, one of the youngest companies in the history of the quadrant. Solidatus has expanded into several new sectors including aerospace, manufacturing, telecommunications and government, and serves four of the world’s top ten systemically important banks (GSIBs) in the European and US markets. Solidatus was also named Best Data Governance Solution by Data Management Insights.
When investing in Series A, growth partner AlbionVC and strategic partner HSBC are working with Citi to support Solidatus’ vision of revolutionizing data engineering. The goal is to accelerate planned global expansion, continue to expand into new territories including the US, Europe and Asia, and provide world-class data management capabilities for new industries.
Kate Platonova, HSBC’s Chief Data and Architecture Officer, said, “As a large global bank, we manage complex organizational metadata. Through our partnership with Solidatus, we have dramatically improved some of our workflows, reducing both risk and speed to market for some of our key international programs. Your graph technology has particularly helped us to achieve this. As metadata management becomes increasingly important to success, we believe that Solidatus will play an increasingly strategic role for HSBC in the future. ”
Philip Dutton, co-founder of Solidatus, said, “Solidatus was built to revolutionize the data economy. The completion of Series A is a confirmation that we have developed the right solution to meet the complex requirements of data-rich and regulated organizations and to provide a modern, agile and scalable solution. We look forward to working with our investors to accelerate the delivery of organizational transformations and controls to new markets and customers, while equally advocating the highest standards of service that are critical to the Solidatus offering. ”
Jay Wilson, AlbionVC investor and Solidatus board member, said, “The increasing complexity of a company’s data assets and the increasing recognition of data as an asset combined with increasing regulatory requirements are putting data management in the spotlight. Solidatus has developed the industry’s best product to address the industry’s vulnerabilities and we are excited to lead the company’s first institutional fundraising to help the co-founders and the company reimagine the data lineage and broader data management category. ”
The investment round is close to Solidatus’ participation in the UK Department of Commerce’s US RegTech virtual roadshow, which will take place in late February 2021. The roadshow connects a select group of leading UK RegTechs with key US financial services stakeholders.
Alastair Lukies, CBE, Member of the Prime Minister’s Business Council and Chair of the Fintech Alliance, commented: “The UK tech sector is a great global success story, especially for FinTech and RegTech. This US roadshow will further strengthen the UK’s world leading innovation in this field. I have known Solidatus as a company for some time and the achievement of this milestone in its growth, especially from such renowned investors and at such a significant level, is proof of the company’s offering, innovation and service to its customers. It signals a fantastic start to 2021 for UK tech companies and underscores how the country’s tech sector is making waves on a global scale. ”