Heckyl Technologies, developer of news and analytics platform for financial services companies, has raised $3.5 million from venture firms IDG Ventures and Seedfund Advisors.
Seedfund had earlier invested about $ 1 million in the start-up. Venkatesh Peddi, Vice-President at IDG Ventures will be joining the board of directors of Heckyl. Other board members include Paula Mariwala, Executive Director, Seedfund and two co-founders of the company.
Heckyl was founded in December 2010 by four former Merrill Lynch executives- Abhijit Vedak, Jaison Mathews, Mukund Mudras and Som Sagar-with extensive capital markets experience.
The company targets stock broking firms with its proprietary news and derivative analysis platform. It claims to have more than 20 brokerages on board now. Heckyl's product performs real-time analysis of unstructured data from various sources to facilitate trading decisions by broking firms.
The start-up estimates that the news and analytics market globally is around $50 billion. Heckyl's clients includes top domestic brokerages including Angel Broking, Sharekhan, Motilal Oswal, IndiaInfoline and Religare. The company now plans to reach out to other financial institutions and the hedge fund industry.