HEXANIKA
regtech . data management . governance . regulatory reporting . big data analytics
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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.
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require transaction level data -Lack of data lineage Regulatory Challenges: -High Cost of Compliance -Resource Crunch -Outdated Technology -Low Budget for Maintenance -Frequent updates and complex regulatory requirements The Big problem & its impact: ~$80 billion is spent on governance,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:
SixThirty Fintech Fall Accelerator
The FIS FinTech Accelerator in Partnership with The Venture Center
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
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FOUNDING YEAR:
LOCATION:
Views:
$100 K
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.
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.
INTELLECTUAL PROPERTY
Patent(s) Filed1. SYSTEM AND METHOD FOR COLLECTING, CONSOLIDATING AND PROCESSING DATA. 2 SMART DATA CORRELATION GUESSER: SYSTEM AND METHOD FOR INFERENCING CORRELATION BETWEEN DATA STREAMS AND CONNECTING DATA STREAMS,
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:
SixThirty Fintech Fall Accelerator
The FIS FinTech Accelerator in Partnership with The Venture Center
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 BankSubscribe to the MEDICI Inner Circle Membership and gain access to an exclusive Slack community where you can engage in discussions with global industry experts!
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.
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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:
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
Momentum
FUNDED
YES
TOTAL FUNDING:
$400 K
LISTED
NO