SteelEye Raises Additional US$10 Million and Hires New CFO
SteelEye has raised $10m in Series A funding in a round led by Eight Roads, alongside existing investor Illuminate Financial. This takes the total amount raised by SteelEye to $20m to date.
Established in October 2017, SteelEye offers RegTech services for record keeping, trade reconstruction, transaction reporting, trade and communications surveillance, best execution reporting, transaction cost analysis and advanced analytics for regulations including MiFID II, EMIR, Dodd-Frank, SMCR and MAR.
“SteelEye’s innovative data and RegTech platform is successfully helping financial firms manage their increasingly complex compliance obligations,” said Alokik Advani, Managing Director, FinTech Strategic Investments at Eight Roads. “SteelEye has achieved considerable momentum in the market, demonstrating significant demand for its services.”
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," said Matt Smith, CEO of SteelEye. "Eight Roads shares our ‘data first’ vision and will be instrumental in helping us grow our business.”
“Since we invested in SteelEye’s late seed round, they have continued to fit perfectly in Illuminate’s Enterprise FinTech focused portfolio, providing a centralised and infinitely scalable data solution for financial institutions. When a client’s data is all in one place, SteelEye’s ability to deploy new RegTech or business intelligence modules, either homegrown or via partnerships, is very powerful,” said Mark Beeston, Managing Partner and Founder of Illuminate Financial Management.
Earlier this month, SteelEye announced the appointment of Rob Bernstein as its new CFO. Rob was most recently CFO at RegTek Solutions, which was acquired by Bloomberg in August 2019, and prior to that CFO at TIM Group.
“This is an exciting time to join SteelEye, as the company continues to pave the way for financial compliance and data management,” said Rob Bernstein. “I am thrilled to be leading SteelEye’s finance organisation, supporting the company’s ambitious plans for growth and development and building on SteelEye’s future success.”