UK-based data management technology developer Solidatus secured $19.2m on Friday in a series A round featuring financial services firms Citi and HSBC, the latter investing through HSBC Ventures.
The round was led by AlbionVC, and Emil Gigov and Jay Wilson will take board seats at the company on behalf of the venture capital firm. It follows an investment of undisclosed size by Citi in August 2020 that may have represented its participation in this round.
Solidatus has created data lineage technology that allows organisations to log and map their data so it can be more effectively used and monetised. The series A proceeds will fund expansion into new markets in the United States, Europe and Asia.
HSBC’s chief data and architecture officer, Kate Platonova, 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 management of metadata becomes ever more critical to success, we believe Solidatus will play an increasingly strategic role for HSBC in the future.”
