SteelEye raises £18m in Series B funding led by Ten Coves Capital to fuel North American expansion.
The compliance technology firm secured £18m from a syndicate led by Ten Coves Capital to accelerate its international growth.
SteelEye provides a compliance technology and data analytics platform that unifies trade and communications data for financial institutions. The firm helps regulated entities streamline their regulatory reporting, archiving, and surveillance operations.
Compliance technology provider SteelEye has secured £18m in Series B funding to drive its international expansion, particularly in North America. The round was led by Ten Coves Capital, with participation from existing backers including Fidelity International Strategic Ventures, Illuminate Financial, Beacon Equity Partners, and a large family office.
The capital injection follows a period of strong performance for the firm, which reported an 88 percent increase in revenues during 2021. Financial institutions are increasingly turning to cloud-based regulatory solutions as they grapple with heightened scrutiny, growing data volumes, and rising compliance costs.
Royal Park Partners acted as the exclusive financial and strategic advisor for the transaction. The latest financing brings SteelEye's total capital raised to date to £36.3m.
From the founder
"Facing regulatory clampdowns, huge data volumes, and inflation impacts on budgets, financial firms need ways to reduce costs through efficiencies and automation. This is what we deliver through our distinctive, data-centric compliance platform."
Matt Smith
CEO at SteelEye
Investor perspective
"SteelEye has a highly differentiated approach and has demonstrated strong momentum and growth. Financial services firms are drowning in data and SteelEye delivers a modern unified data capture and analytics solution at scale tuned to more accurately and efficiently separate out the noise from actionable investigations. We are excited to partner with the company as it accelerates its expansion in the North American market and beyond."
Steve Piaker
Managing Partner, Ten Coves Capital
Use of funds
- 01Expand into international markets
Investors
Steve Piaker
Ten Coves Capital
Fidelity International Strategic Ventures
Illuminate Financial
Beacon Equity Partners
