The two banks, which are among four of the top 10 globally systemically important banks that the London-based start-up can boast as client, use the software to visualise and understand their entire ‘data estate’.
The funding round was led by AlbionVC’s Emil Gigov and Jay Wilson, with the latter joining the Solidatus board of directors as part of the investment.
Citi made a strategic investment last August as it implemented the Solidatus platform at a global enterprise level.
Through its investment, HSBC has also now become a strategic partner.
The founders of Solidatus said they were looking to capitalise on successes seen last year and fast-track the company’s global expansion, extending into new territories including the US, Europe and Asia and new industry verticals.
As Solidatus says, its software’s focus on ‘data lineage’ enables organisations to “effectively map, manage and monetise their key asset – data” as businesses deal with ever more complex layers of data. It says this approach offers up to 90% efficiency savings over traditional methods.
Last year, it more than doubled in size, quadrupling its revenue and maintaining profitability.
Solidatus became the only new entrant to the Gartner Magic Quadrant in Metadata Management as it expanded into several new sectors, including aerospace, manufacturing, telecommunications and government.
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.”
Co-founder Philip Miller 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.”
Albion’s Wilson added: “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.”