Startups Money

Heckyl Technologies raises over $3.5M in Series B led by IDG Ventures

11 Dec, 2013

Mumbai- and UK-based Heckyl Technologies Pvt Ltd, which offers a Big Data-based analytical platform for investors, traders and researchers, has secured more than $3.5 million in Series B round of funding led by IDG Ventures India, with participation from existing investor Seedfund Advisors.

"With the support of IDG Ventures and Seedfund Advisors, we have the requisite capital and strong partners to continue to lead and fuel our growth and expansion into new regions," Heckyl co-founder and CEO Mukund Mudras said.

As part of the deal, Venkatesh Peddi from IDG Ventures will join the board of directors of Heckyl. In January last year, the firm had received $1 million from Seedfund.

Heckyl was founded in December 2010 by four former Merrill Lynch executives Abhijit Vedak, Jaison Mathews, Mukund Mudras and Som Sagar. It provides real-time news and data analytic platform to brokerage firms, short-term traders, investors and fund managers.

Its integrated solution with trading terminals provide information, visuals, heat maps of sentiments and market data to help traders find the trading opportunity in the market.

Currently, Heckyl has more than 20 clients that include Angel Broking, Sharekhan, Motilal Oswal, IndiaInfoline and Religare. Heckyl will soon launch a Big Data mining platform for financial institutions and the hedge fund industry.

"We are very impressed with the significant revenue lift and customer traction of Heckyl. They have built a sophisticated platform which according to our research has a large global potential," said Peddi.

With billions of online data being generated every day, domestic as well as foreign investors are seeing a lot of growth potential in the Indian Big Data space, prompting them to invest in various startups. Last month, Bangalore-based Big Data firm Flutura Solutions raised an undisclosed amount in funding from Hive Technologies, a Big Data fund launched by Patni Siblings Arihant and Amit. In September, Chennai- and Singapore-based Crayon Data secured more than $1.4 million Ravi Thakran, CEO of L Capital Asia and head of LVMH Asia Pacific, and Ravi Mantha, president, TIE Singapore.

In August this year, Bangalore-based InterpretOmics India, a Big Data startup focused on bioinformatics, raised $1.6 million from Amarante, a Singapore-based shipping company, and two unnamed Indian investors. Minetta Brook Inc., another Big Data intelligence startup, announced $2 million in seed funding from TiE Angel Group Seattle and Naya Ventures.

(Edited by Joby Puthuparampil Johnson)