London-based financial data extractor, analyser, and reporting platform Accelex has raised $5 million in a seed funding round co-led by Illuminate Financial and AlbionVC. The raise also saw participation from Expon Capital and SixThirty Ventures. Accelex is reporting that the funding will be used to further develop the product offering as well as beef up client acquisition and support. As part of the deal both lead investors well take seats on Accelex’s board.
“Unstructured content makes access to data a fundamental challenge for alternative investors. Accelex is addressing this problem at its core - turning documents into data and, more importantly, insight”, comments Illuminate Financial’s Mark Beeston.
Founded in 2019 by Franck Vialaron and Nicole A. Weder, Accelex is addressing a fundamental problem in the private market investments sector, massive amounts of unstructured data. And as good as even the best data scientists are, they’re still human and have a limited output capacity. Accelex is putting AI and machine learning to task and extracting data from a wide range of documents and reporting.
Since launching 12 months ago, Accelex reports strong growth in its client base, including Canadian institutional investment manager Alberta Investment Management Corporation. Together, the combined asset base of Accelex’s clients is over $300 billion, invested in 3,500 private market funds across 1,100 managers.
“Accelex combines compelling automation with an elegant user experience for last-mile validation and cross-team collaboration,” concludes Expon Capital’s Jérôme Wittamer. “This approach streamlines investor operations, significantly reducing the time from receipt of document to actionable data and insights.”