By Tilak Devadiga
IDG Ventures India has invested $3.5 Mn in Heckyl Technologies Pvt. Ltd along with existing investor Seedfund Advisors. Rajiv Dalal an angel investor in the company also participated in this Series B round of funding which would be used to fuel its growth and expansion into new regions.
With this investment Venkatesh Peddi from IDG Ventures will join the existing board of directors of the company which includes Paula Mariwala from Seedfund Advisors and two co-founders.
Paula had joined board last year when Seedfund had invested $1mn in the start-up in the first round.
Founded by four ex Merrill Lynch Execs Abhijit Vedak, Jaison Mathews, Mukund Mudras and Som Sagar in December 2010 is a non-broking company which provides real time news and data analytic platform for traders and brokerages. It offers a number of products that can help the stock trading community make informed decisions about their investments in the stock mark.
Heckyl sources its information from the internet and looks at different news sites, blogs, forums, etc which put out information about a company, and then collates it all to be made available on a single platform.
It has well known brokerages as its customer which include Angel Broking, Sharekhan, Motilal Oswal, IndiaInfoline, Religare etc.
The global financial space in terms of News and Data Analytics is approximately around $ 50 Bn. Heckyl which started by first tapping into the brokerage market is now planning to release big data mining platform for Financial Institutions and the Hedge fund industry.
The other players who have a solution similar to what Heckyl has to offer are Bloomberg and Thomson Reuters.
IDG Ventures India is part of IDG Ventures, a global network of technology venture funds with over $5.5 billion under management with over 220 investee companies and 10 offices across Asia and North America.
IDG Ventures India portfolio companies include, Apalya, Aujas Networks, eShakti, Forus Health, iCreate, iProf, Manthan Systems, Myntra, Ozone Media, Perfint, Sourcebits, Unbxd, Valyoo Technologies, Vserv and Zivame.
Founded in 2006 is an early-stage venture capital fund, with operations in Bombay, Bangalore and New Delhi. It has an an investment portfolio of over 25 companies across two funds. These include online auto classifieds startup CarWale, online bus ticketing company redBus,affordable hospitals chain Vaatsalya, education companies Edusports and Thinklabs in Fund1 and AxisRooms, AFAQ, DoneByNone, Frontier Markets, Heckyl, Jeevanti Healthcare, Mydentist, Sportskeeda, Chumbak and Jeeves in Fund2.
Recently, Thomson Reuters was buying a majority stake in Bangalore-based software service provider for securities and currency trades, Omnesys Technologies; Parallax Capital Partners, LLC has bought Chennai-based Polaris Financial Technology Ltd's US arm IdenTrust, Inc for an undisclosed amount; Antique Stock Broking was in talks to merge with Fotune Financial Services.