Solidatus, a London-based company, was developed to help organisations understand how data flows through their systems by providing the most intuitive data lineage discovery and visualisation solution.
Raised £14 million
The next-gen data management startup has recently secured £14 million in Series A funding led by AlbionVC along with the participation of 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.
The funding will be used to fast-track its planned global expansion, into new territories including the US, Europe, and Asia, as well as delivering best-in-class data management capabilities to new industry verticals. The investment round comes shortly ahead of Solidatus’s participation in the UK Department of International Trade’s Virtual US RegTech Roadshow, taking place at the end of February 2021.
How was Solidatus born?
The idea for the software came about after Co-Founders Philip Dutton and Philip Miller began to notice a consistent pattern of data management problems during their combined 35 years of consulting.
Effectively manages data
Solidatus empowers organisations to effectively map, manage and monetise their key asset – data. The company’s software is used by top-tier global financial, pharmaceutical and consulting firms 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.
Member of Gartner Magic Quadrant in Metadata Management
Last year, the UK company quadrupled its revenue whilst maintaining profitability, doubled in size. As a result, 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.
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To date, the company has expanded into several new sectors, including aerospace, manufacturing, telecommunications, and government. Notably, it has four of the top 10 Globally Systemically Important Banks (GSIBs) in the European and US markets as clients.
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, an 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.”
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 the management of metadata becomes ever more critical to success, we believe Solidatus will play an increasingly strategic role for HSBC in the future.”
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 a 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.”
— to www.uktech.news