Eight Roads Leads SteelEye Series A
Fidelity-backed start-up investor Eight Roads has led a $10mn Series A investment round in UK-based RegTech firm SteelEye, a compliance technology and data analytics firm.
"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. We are delighted to partner with SteelEye to boost their growth and we look forward to reinforcing their efforts."
VC firm Illuminate Financial is an existing investor in SteelEye. "We are very excited to welcome Eight Roads in as an investor in SteelEye, bringing with them significant experience and distribution potential for the SteelEye products," said Mark Beeston, Managing Partner and Founder of Illuminate Financial Management. "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."
SteelEye has raised $20mn in funding to date.
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