HICX, a supplier management specialist for multinational enterprises, has secured a £15 million growth funding and refinancing package by HSBC Innovation Banking and current investor Wavecrest Growth Partners.
The funding comes as enterprises place greater weight on trusted supplier data as a foundation for procurement, compliance, risk management and AI-enabled decision-making.
London-based HICX operates as the foundational layer, enabling large organisations to operate a governed, reliable supplier data backbone that works alongside existing enterprise systems as supplier data becomes a boardroom priority.
The company will use the capital to continue investing in its platform and current customer roadmap, expand commercial capability for new and existing customers and pursue selective acquisitions.
“At a time when AI automation and regulation are both raising the stakes, this is a strong vote of confidence in our position as the governed supplier data foundation that large enterprises rely on to ensure their supply chains can run smoothly,” said Dafydd Llewellyn, CEO of HICX.
“We are investing in the platform and product roadmap and expanding our go-to-market capability to deliver the certainty our partners need on their data foundations.”
Suraj Mistry, director of leveraged finance and sponsor finance at HSBC Innovation Banking, added: “We’re excited to play an important role in the next chapter of HICX’s growth story, as the company looks to increase its footprint and focus on further product development.
“We’re delighted to be supporting HICX with this strategic milestone and are proud to work with innovators, like HICX, to help them access the tools and resources they need to scale at pace.”
Vaibhav Nalwaya, managing partner at Wavecrest Growth Partners, said: “Wavecrest knows HICX well, and our decision to invest further reflects our conviction in both the company’s direction and the leadership team executing it.
“As enterprises increasingly focus on AI and automation, more of what they do across procurement, finance and risk depends on supplier data they can trust, and HICX has built the platform that makes that possible at scale. This transaction gives them the resources to press that advantage.”