London-based Accelex is a data acquisition, analytics, and reporting solutions provider for alternative investors and asset servicers. In a recent development, the company secured $5 million (nearly £3.5 million) in seed funding.
Global growth plans
The investment round was led by Illuminate Financial and AlbionVC alongside participation from Expon Capital and SixThirty Ventures.
Accelex will deploy the proceeds of this round to accelerate its global growth ambitions through further product development, and client acquisition and support. Already, Accelex has offices in Paris, New York, and Toronto. Besides this funding, Illuminate Financial and AlbionVC will join Accelex’ Board of Directors.
Franck Vialaron, CEO at Accelex said, “We are delighted to welcome Illuminate Financial, AlbionVC, Expon and SixThirty to the Accelex family and are confident that their contribution will be key to the firm’s positive trajectory”.
Mark Beeston, Managing Partner at Illuminate Financial said, “Unstructured content makes access to data a fundamental challenge for alternative investors. Accelex is addressing this problem at its core – turning documents into data and, more importantly, insight. We are excited to lead a strong syndicate of investors backing this outstanding team as they continue to build out a world-class organisation.”
“Accelex provides an integrated environment to manage, extract and audit data from an endless range of general partner reporting formats”, said Robert Whitby-Smith, Partner at AlbionVC. “As private markets lack market pricing signals, the insight from underlying asset-level data and benchmarking is needed to optimise core LP decision-making processes including risk management, asset allocation, fund manager performance and selection. We are excited to be supporting such a strong and experienced team to transform data analytics within the now mainstream “alternative asset” market.”
“Accelex combines compelling automation with an elegant user experience for last-mile validation and cross-team collaboration”, noted Jerome Wittamer, Founding Partner at Expon Capital. “This approach streamlines investor operations, significantly reducing the time from receipt of document to actionable data and insights.”
“The past decade has seen the mainstreaming of alternative and private market investments. Yet, the data and reporting for private market investors and asset servicers remain trapped in the dark ages,” said Atul Kamra, Managing Partner at SixThirty. “Accelex’ data solutions automate and streamline middle and back office functions, moving us from an analog to digital experience in this rapidly growing asset class.”
Uses proprietary AI solution
Accelex was founded in 2018 by senior alternative investment executives, former BCG partners and successful fintech entrepreneurs. Since then, the company uses its proprietary Artificial Intelligence and machine learning techniques. Its solutions automate processes for the extraction, analysis, and sharing of difficult-to-access unstructured data.
Growth of alternative investment industry
The alternative investment industry is set to continue its growth trajectory. Already, the global investment firms are challenged with highly manual operational workflows for data extraction and are seeking greater transparency into underlying fund assets.
Franck Vialaron added, “The growth in alternative investing – particularly private markets – continues at pace and with that growth comes the burden of complex investor workflows. Accelex is enabling investors, and their asset servicers, to digitize these processes, gaining access to better investment insights often bound up in PDF documents.”
In the past 12 months, Accelex has achieved significant growth. It supports a global client base of investors and asset servicers. Notably, these clients represent a combined asset base of over $300 billion and have invested in over 3,500 private markets funds across 1,100 managers.
Back in 2020, Accelex signed an agreement with a flagship alternative investor to provide their cutting-edge SaaS platform. With this partnership, the company intends to bring digitisation to the quarterly extraction of critical financial information from a wide range of private markets investment documents.
ISO 27001 certified
Recently, Accelex achieved ISO/IEC 27001 certification. By meeting this important standard, Accelex proved the completeness and rigour of its security controls. Its recent ISO 27001 certification by the British Assessment Bureau recognises the firm’s implementation of an effective information security system that complies with one of the most stringent international standards.