HEXANIKA

regtechdata managementgovernanceregulatory reportingbig data analytics

FOUNDING YEAR: 2014
LOCATION: United States
Last Update: 17/07/2020

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About

HEXANIKA has developed an innovative end-to-end software that automates regulatory compliance using AI. It enables financial institutions to address data management and reporting challenges. Some proven benefits include 100% data lineage and 40% cost savings.

MEDICI Analysis

Hexanika’s advanced data management and reporting solutions help financial services firms adapt to changing environments. The big data software provides a competitive advantage for companies by guiding them to make crucial, data-driven decisions to improve business process and performance.

Focus

PRODUCTS & SERVICES

SmartJoin: An intelligent and self-learning software platform to address regulatory data sourcing. SmartReg: Regulatory reporting. Services: DRaaS (Data Readiness-as-a-Service) and RaaS (Reporting-as-a-Service) to scale Hexanika's products through GTM partnerships. Hexanika’s Software Platform streamlines the process of data ingestion, analytics, and reporting. The platform leverages machine learning algorithm, simplifies data governance process, and generates timely reports to be submitted to regulators in the correct format.

REVENUE MODEL

Our revenue model will be a combination of a License fee for the platform & a recurring usage fee per report.

MAIN CLIENTS

Financial institutions

EXISTING PARTNERSHIPS

Microsoft

IBM

Accenture

FIS

Synpulse.

PRIMARY PROBLEM SOLVED

Data Level Challenges: -Data Sourcing Issues -Data Linkage Issues -Inaccuracy of Data -Regulators require transaction level data -Lack of data lineage Regulatory Challenges: -High Cost of Compliance -Resource Crunch -Outdated Technology -Low Budget for Maintenance -Frequent updates and complex regulatory requirements The Big problem & its impact: ~$80 billion is spent on governance, risk and compliance, and the market is only expected to grow, reaching $120 billion by 2020. Financial institutions in the US alone have paid more than $160 billion in fines for non-compliance.

INTELLECTUAL PROPERTY

Patent(s) FILED

COMMENT

It uses semantic, heuristic, and machine learning logic for integrating, consolidating, aggregating as well as managing structured or unstructured data from disparate sources.

Traction

VALUATION / MARKET CAP:

$13 M in 2017

REVENUE

$0 - $99k

ACTIVE USERS:

4

ACTIVE USERS COMMENT:

Has completed one pilot project with an undisclosed large bank and are closing on two other pilot projects.

People

FOUNDERS

Makarand Gadre

BOARD MEMBERS AND ADVISORS

Manish Soman

Sankar Aiyar

Shailesh Karia

TT Bhat

TK Chopra

Prakash Jalihal

Robert Untracht.

Robert Untracht

NUMBER OF EMPLOYEES

11-50

INVESTORS:

Fintech71

SixThirty

SixThirty Fintech Fall Accelerator

The FIS FinTech Accelerator in Partnership with The Venture Center

UMB Bank

Venture Center

Village Capital.

KEY EMPLOYEES:

Makarand Gadre (CTO)

COMMENT:

Yogesh Pandit holds more than 20 years of professional experience prior to Hexanika,had worked with Deutsche Bank, Morgan Stanley, Goldman Sachs, Ernst & Young, Visa, Citibank, etc.

Momentum

FUNDED

YES

TOTAL FUNDING

$100 K

DATE OF LAST FUNDING

Sep 2017

SEED & PRIOR FUNDING

$100 K

SEED CLOSED ON

Sep 2017

LISTED

NO

COMMENT

As of July 2016, they are looking to raise $2.5M to scale the product and implement GTM strategies.

For Investors

FUNDING NEEDED:

$2.5 M

USES OF FUNDS RAISED:

1. 60 % Product Development

2. 30% Go to market

3. 10% Operations

EXIT STRATEGY

Strategic sale or IPO

MONTHS LEFT WITH CURRENT CASH BURN RATE:

12 months from 20 Jul, 2018

Innovation Programs

BASICS

FOUNDING YEAR:

2014

LOCATION:

United States

Views:

615 VISITORS | 1030 VIEWS
LATEST FUNDING ROUND

$100 K

TOTAL EMPLOYEES
11-50

About

HEXANIKA has developed an innovative end-to-end software that automates regulatory compliance using AI. It enables financial institutions to address data management and reporting challenges. Some proven benefits include 100% data lineage and 40% cost savings.

Subscribe to the MEDICI Inner Circle Membership and gain access to an exclusive Slack community where you can engage in discussions with global industry experts!

MEDICI Analysis

Hexanika’s advanced data management and reporting solutions help financial services firms adapt to changing environments. The big data software provides a competitive advantage for companies by guiding them to make crucial, data-driven decisions to improve business process and performance.

Focus+
Momentum+
Traction+
People+
For Investors+
Other+

Innovation Programs

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HEXANIKA

About

HEXANIKA has developed an innovative end-to-end software that automates regulatory compliance using AI. It enables financial institutions to address data management and reporting challenges. Some proven benefits include 100% data lineage and 40% cost savings.

Focus

PRODUCTS & SERVICES

The product benefits the banks overall but will significantly impact the following departments: Regulatory Compliance and Reporting: Easy creation and application of rules to generate reports in regulatory mandated formats with the ability of reusability and end to end traceability of data. Automation of the process using Artificial Intelligence also significantly helps bring down time and resources required for this function. Data Management: Improved data lineage and data sourcing, analytics and ability to generate reports with complete traceability. Finance, Revenue and Operations: Significant time and resource savings that result in bringing down the overall cost of reporting with automation to simplify the process. Technology: Software is easy to deploy and agnostic of platform or architecture enabling easy usability and flexibility. Also makes financial institutions ready to BCBS 239 compliance requirements.

REVENUE MODEL

Our revenue model will be a combination of a License fee for the platform & a recurring usage fee per report.

TOP PROBLEM SOLVED

Data Level Challenges: -Data Sourcing Issues -Data Linkage Issues -Inaccuracy of Data -Regulators require transaction level data -Lack of data lineage Regulatory Challenges: -High Cost of Compliance -Resource Crunch -Outdated Technology -Low Budget for Maintenance -Frequent updates and complex regulatory requirements The Big problem & its impact: ~$80 billion is spent on governance, risk and compliance, and the market is only expected to grow, reaching $120 billion by 2020. Financial institutions in the US alone have paid more than $160 billion in fines for non-compliance.

PRODUCT DEVELOPMENT STAGE

MARKET TRIAL

KEY DIFFERENTIATORS

1. Automatic Dynamic Self Learning Algorithm which standardizes heterogeneous data without ANY coding. 2. Intelligent Data Matching Algorithm, which learns similarities between data sets & connects WITHOUT need of Unique Identifier. Multi-Dimensional, Heuristic & Semantic Rules Engine uses Big Data technology 3. Machine Learning Algorithm, learns pattern of human behavior in manual process, e.g. excel & suggests automation rule. 4. Global & Configurable Rules and Report Templates. Centralized and Cascading Rules Engine of SmartReg. 5. End to End Data Lineage from Reports to source level data

PRIMARY CUSTOMER TYPE

Enterprise - Banks or Financial Institutions

PRODUCT ATTRIBUTES

SaaS

On-premises

People

FOUNDERS

Makarand Gadre

NUMBER OF EMPLOYEES

11-50

KEY EMPLOYEES:

CEO: Yogesh Pandit

employee: Makarand Gadre (CTO)

FOUNDER: Makarand Gadre

TEAM COMMENT:

Founders of Hexanika faced compliance problems during their career in banks. Co-founders have led multi-million dollar regulatory & technology projects. Hexanika's innovative, algorithmic platform,product empowers clients to reduce their regulatory costs. Hexanika brings this opportunity to banks by being agile, fast,innovative. What excites us is the ability to solve this complex problem with a unique solution.

BOARD MEMBERS AND ADVISORS:

Manish Soman, Sankar Aiyar, Shailesh Karia, TT Bhat, TK Chopra, Prakash Jalihal, Robert Untracht., Robert Untracht

INVESTORS:

Fintech71

Fintech71

Fintech71

Fintech71

Fintech71

Fintech71

SixThirty

SixThirty

SixThirty

SixThirty

SixThirty

SixThirty Fintech Fall Accelerator

The FIS FinTech Accelerator in Partnership with The Venture Center

The FIS FinTech Accelerator in Partnership with The Venture Center

The FIS FinTech Accelerator in Partnership with The Venture Center

The FIS FinTech Accelerator in Partnership with The Venture Center

The FIS FinTech Accelerator in Partnership with The Venture Center

UMB Bank

Venture Center

Village Capital.

Momentum

FUNDED

YES

TOTAL FUNDING:

$400 K

LISTED

NO

FUNDING SERIES
Seed Dec 2017 --- USD400 K at a USD13.25 Mvaluation Comment on Seed HEXANIKA is a participant in the SixThirty Fintech Fall Accelerator prog, 2016. Sixthirty Fintech Fund Fintech71 Venture Center Village Capital UMB Bank