Accelex secures USD5m in seed round from Illuminate Financial

Accelex, a data acquisition, analytics, and reporting solution for private markets investors and asset servicers, has closed a USD5 million seed round of venture financing co-led by Illuminate Financial and AlbionVC, with participation from Expon Capital and SixThirty Ventures.

This financing will accelerate the company’s global growth ambitions through further product development, client acquisition and support. Illuminate Financial and AlbionVC will join Accelex’ Board of Directors as part of this transaction.

Since the launch of the Accelex platform 12 months ago the company has achieved significant growth - now supporting a sophisticated global client base of investors and asset servicers. These clients represent a combined asset base of over USD300 billion, invested in more than 3,500 private markets funds across 1,100 managers.

“The growth in alternative investing – particularly private markets – continues at pace and with that growth comes the burden of complex investor workflows. Accelex is enabling investors, and their asset servicers, to digitise these processes, gaining access to better investment insights often bound up in PDF documents”, says Franck Vialaron, CEO at Accelex.  “We are delighted to welcome Illuminate Financial, AlbionVC, Expon and SixThirty to the Accelex family and are confident that their contribution will be key to the firm’s positive trajectory”.

“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”, remarked Mark Beeston, Managing Partner at Illuminate Financial. “We are excited to lead a strong syndicate of investors backing this outstanding team as they continue to build out a world-class organisation.”

“Accelex provides an integrated environment to manage, extract and audit data from an endless range of general partner reporting formats,” says Robert Whitby-Smith, Partner at AlbionVC. “As private markets lack market pricing signals, the insight from underlying asset-level data and benchmarking is needed to optimise core LP decision-making processes including risk management, asset allocation, fund manager performance and selection. We are excited to be supporting such a strong and experienced team to transform data analytics within the now mainstream 'alternative asset' market.”

“Accelex combines compelling automation with an elegant user experience for last-mile validation and cross-team collaboration,” notes Jerome Wittamer, Founding Partner at Expon Capital. “This approach streamlines investor operations, significantly reducing the time from receipt of document to actionable data and insights.”

"The past decade has seen the mainstreaming of alternative and private market investments.  Yet, the data and reporting for private market investors and asset servicers remain trapped in the dark ages," says Atul Kamra, Managing Partner at SixThirty. “Accelex' data solutions automate and streamline middle and back office functions, moving us from an analogue to digital experience in this rapidly growing asset class."