LONDON (Reuters) – Regulation technology firm SteelEye has raised $21 million to help fund its global expansion, in what it said was the largest fundraising for a European company in the sector this year.
The Series B round was led by Ten Coves Capital alongside existing investors Fidelity International Strategic Ventures, Illuminate Financial, Beacon Equity Partners, and a large family office, it said.
The valuation of the compliance technology and data analytics firm, which has now raised $43 million and counts Schroders and Fidelity International among its clients, was not disclosed.
Headquartered in London, SteelEye’s technology helps banks, asset managers and other financial firms more easily comply with European Union, British and U.S. regulations.
“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,” said Steve Piaker, a Managing Partner at Ten Coves Capital.
(Reporting by Simon Jessop; Editing by Mark Potter)
