HEXANIKA

HEXANIKA

regtech | data management | governance | regulatory reporting | big data analytics
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  • FOUNDING YEAR: 2014
    LOCATION:
    United States
    REGION:
    New York
    Last Update:
    18 Oct, 2019
    Global presence:
    India
    Company priority:
    Getting ready for launch!

Description

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.
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:
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:
Viewable by subscribers only
MAIN CLIENTS:
Financial institutions
EXISTING PARTNERSHIPS:
Microsoft, IBM, Accenture, FIS, Synpulse.
COMMENT
It uses semantic, heuristic, and machine learning logic for integrating, consolidating, aggregating as well as managing structured or unstructured data from disparate sources.
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:
Viewable by subscribers only
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
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PRIMARY CUSTOMER TYPE
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PRODUCT ATTRIBUTES
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PEOPLE


FOUNDERS:
Yogesh Pandit
Board Members and Advisors:
Manish Soman, Sankar Aiyar, Shailesh Karia, TT Bhat, TK Chopra, Prakash Jalihal, Robert Untracht.
NUMBER OF EMPLOYEES:
11-50
INVESTORS:
SixThirty Fintech Fall Accelerator, Fintech71, Venture Center, UMB Bank,Village Capital.
KEY EMPLOYEES:
Makarand Gadre (CTO)
COMMENT:
Yogesh Pandit holds more than 20 years of professional experience prior to Hexanika and had worked with Deutsche Bank, Morgan Stanley, Goldman Sachs, Ernst & Young, Visa, Citibank, etc.
FOUNDERS:
YOGESH PANDIT, MAKARAND GADRE
NUMBER OF EMPLOYEES:
11-50
KEY EMPLOYEES:
CEO: YOGESH PANDIT
TEAM COMMENT:
Viewable by subscribers only
BOARD MEMBERS:
Manish Soman
ADVISORS:
Manish Soman, Prakash Jalihal, Shailesh Karia, TK Chopra, Sankar Aiyar, TT Bhat, Robert Untracht

TRACTION


VALUATION / MARKET CAP:
$13 MM in 2017
ACTIVE USERS COMMENT:
Has completed one pilot project with an undisclosed large bank and are closing on two other pilot projects.
ANNUAL REVENUE:
$0 - $99k in 2016
TRANSACTIONS VALUE:
-
ACTIVE USERS/ACCOUNTS:
4 in 2016
ACTIVE USERS COMMENT:
Cost and Resources savings by up to 40% • Reduced Time to Market due to 75% reduction in processing time Accurate and consistent reporting due to reduced manual interventions.
LIVE USERS/TRANSACTIONS:
Viewable by subscribers only
How will you grow the number of users/accounts/transactions?
Through our partners we have access to more than 70% of the market. We have a strong ecosystem of partners which we will leverage to grow our business
CHANNEL STATUS
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NUMBER OF CLIENTS OR PAYING CUSTOMERS:
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MOMENTUM


FUNDED:
YES
TOTAL FUNDING:
$400 K
DATE OF LAST FUNDING:
Dec 2017
SEED & PRIOR FUNDING:
$400 K
SEED CLOSED ON:
Dec 2017
LISTED:
NO
COMMENT:
As of July 2016, they are looking to raise $2.5M to scale the product and implement GTM strategies.
FUNDING COMPLETED:
Viewable by subscribers only
FUNDED:
YES
TOTAL FUNDING:
$400 K
LISTED:
Viewable by subscribers only
FUNDING SERIES:
Seed
Dec 2017
$400 K
at a $13.25 Millions valuation
Comment on Seed
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Investors
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FOR INVESTORS

FUNDING NEEDED
$2.5 Millions
USES OF FUNDS RAISED
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EXIT STRATEGY
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MONTHS LEFT WITH CURRENT CASH BURN RATE
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LATEST RESEARCH


Innovation Programmes

VC FinTech Accelerator
VC FinTech Accelerator