Solidatus Raises £14 Million in Series A Funding
- Fundraising News
- 11.02.2021 11:16 am
Solidatus, the award-winning data lineage and metadata management company, is today announcing it has raised £14m ($19.2m+) in Series A funding to transform how organisations view, understand and manage data. AlbionVC led the round, which also includes HSBC Ventures, and Citi, two of Solidatus’ global enterprise clients. The deal was led by Emil Gigov and Jay Wilson of AlbionVC with Jay Wilson joining the Solidatus’ Board of Directors following the investment.
Solidatus empowers organisations to effectively map, manage and monetise their key asset – data. Businesses across the world are dealing with complex data points and the lineage-first approach championed by Solidatus offers up to 90% efficiency savings over traditional methods. Clients, including top-tier global financial, pharmaceutical and consulting firms, are using the software to visualise and understand their data estate, taking advantage of the ability to track data through their enterprise to drive business intelligence, digital transformation and regulatory compliance.
Last year marked the company’s most successful year to date, seeing Solidatus more than double in size, quadruple its revenue whilst maintaining profitability. As a result of this success, they also became the only new entrant to the Gartner Magic Quadrant in Metadata Management, one of the youngest companies to attain placement in the Quadrant’s history. The company expanded into several new sectors, including aerospace, manufacturing, telecommunications and government, and has four of the top 10 Globally Systemically Important Banks (GSIBs) in the European and US markets as clients. In addition, Solidatus was awarded the Best Data Governance Solution by Data Management Insights, and also joined the ranks of the RegTech 100.
The Series A investment sees growth partner, AlbionVC, and strategic partner, HSBC, join Citi to support Solidatus’ vision to revolutionise data engineering. The founders decided the time was now to capitalise on successes leading up to and including 2020 and accelerate the company’s growth to allow more organisations to solve their data challenges utilising Solidatus. The aim is to fast-track its planned global expansion, further extending into new territories including the US, Europe and Asia, as well as delivering best-in-class data management capabilities to new industry verticals.
Kate Platonova, Chief Data and Architecture Officer, HSBC, said: “As a large global bank, we manage complex organisational metadata. Through our partnership with Solidatus we have dramatically improved some of our workflows, reducing both the risk and speed to market for some of our major international programmes. Their graph technology has been particularly instrumental in helping us to achieve this. As management of metadata becomes ever more critical to success, we believe Solidatus will play an increasingly strategic role for HSBC in the future.”
Philip Dutton, co-founder of Solidatus, said: “Solidatus was built to revolutionise the data economy. The completion of Series A is confirmation that we’ve engineered the right solution to meet the complex needs of data-rich and regulated organisations, delivering a modern, agile and scalable solution. We are looking forward to working alongside our investors to accelerate the delivery of organisational transformation and control to new markets and clients with the same level of commitment to the highest standards of service that are key to the Solidatus offering.”
Philip Miller, co-founder of Solidatus, said: “To have two of the largest global banks as clients and investors in our first funding round speaks volumes about their belief in Solidatus’ ability to deliver value in financial services and beyond at an enterprise level. We look forward to working with all our investors to help us take Solidatus to the next growth stage and market-disrupting innovation.”
Jay Wilson, investor at AlbionVC and Solidatus board member, said: “The increasing complexity of an organisation’s data estates and the growing recognition of data as an asset combined with increasing regulatory demands is bringing data management into the limelight. Solidatus has built the best-in-class product to bear down on the industry’s pain points and we are delighted to lead the company’s first institutional capital raise to support the co-founders and the company in reshaping data lineage and the wider data management category.”
The investment round comes shortly ahead of Solidatus’ participation in the UK Department of International Trade’s Virtual US RegTech Roadshow, taking place at the end of February 2021. The roadshow will connect a select group of leading UK RegTechs with key financial services stakeholders in the United States.
Alastair Lukies, CBE, Member of the Prime Minister’s Business Council and Chair of the Fintech Alliance, comments: “The UK’s tech sector is a great global success story, for FinTech and RegTech in particular. This US Roadshow will further reinforce the UK’s world-leading innovation in this space. I’ve known Solidatus as a business for some time and achieving this milestone in their growth, especially from such renowned investors and at such a significant level, is testament to both the business’ proposition, innovation and service to their customers. It signals a fantastic start to 2021 for British tech businesses and underlines how the country’s tech sector is making waves on a truly global scale.”