Accelex, a provider of AI automation for private markets data acquisition, reporting and analytics, has closed a £12 million Series A funding round.
Transparency is vital for investors. However, unlike traditional assets, investments in private markets are plagued by unstructured content, often requiring expensive and error-prone manual processing.
Accelex is transforming the way investors tackle these challenges by leveraging market-leading data science to automate the end-to-end workflows from document acquisition and data extraction to reporting and analytics.
The round was led by FactSet, a global financial digital platform and enterprise solutions provider, with participation from existing investors Illuminate Financial, AlbionVC, SixThirty Ventures and Expon Capital.
The transaction strengthens the relationship between the two firms, with Accelex’s technology already a key enabler in FactSet’s private markets growth strategy.
“Data-driven decision-making is critical for our clients, particularly as their portfolios increase in exposure to private capital, where the acquisition, aggregation, and analysis of investment data has been a challenge,” said Rob Robie, executive vice president, head of institutional buyside at FactSet.
“We are thrilled to partner with Accelex on this journey to bring innovative solutions to private markets, united by our shared commitment to empowering the alternative investment community with superior data and analytics, enabling better investment outcomes.”
During the past 24 months Accelex has embarked on a phenomenal growth trajectory, adding a large number of top-tier asset owners and allocators along with asset servicers and service providers as clients. These firms now represent a combined asset base of over $1.5 trillion, invested in more than 13,000 private market funds across 4,000 asset managers.
Michael Aldridge, president at Accelex, added: “This partnership will solidify our position as a leader in the alternative investment data management and analytics space.
“Today we serve some of the world’s largest and most sophisticated investors, and their service providers, delivering better data, faster while reducing their operational burden.”