Solidatus raises £14 million in Series A funding for data management

By Sunniva Kolostyak

Data lineage and metadata management firm Solidatus has raised £14 million in a Series A funding round, aiming to change how organisations view, understand and manage data.

The funding round was led by growth partner AlbionVC, followed by strategic partner HSBC Ventures, and repeat investor Citi – the last two being global enterprise clients of Solidatus.

Solidatus is helping organisations to effectively map, manage and monetise their data, offering up to 90 per cent efficiency savings by using a lineage-first approach over traditional methods. Clients, which includes global financial, pharmaceutical and consulting firms, use 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.

According to the founders, now was the right time to raise a Series A, hoping 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.

The capital will be used 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.

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.”

Also commenting, 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.”

The deal was led by Emil Gigov and Jay Wilson of AlbionVC with Jay Wilson joining the Solidatus’ Board of Directors following the investment.

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.”

Kate Platonova, Chief Data and Architecture Officer at HSBC, added: “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.”