Below is our recent interview with Philip Dutton, Co-CEO & Co-founder of Solidatus:
Q: Could you provide our readers with a brief introduction to Solidatus and yourselves?
A: Solidatus rapidly delivers a trusted 360 view of an organisation’s data flows, enabling insightful, sustainable and impactful data management. Our lineage-first data management software allows organisations’ key asset – data – to be efficiently mapped, managed and monetised, reducing complexity and risk through visualisation, transparency, automation and collaboration. We are enabling the world’s largest data-rich and regulated organisations to effectively manage their data, people and processes. The Solidatus platform plays a critical role across a growing number of client initiatives, including digital transformation, data governance, cloud migration and regulatory compliance.
I’m Co-CEO & Co-Founder of Solidatus with over 20 years’ experience managing global transformational change projects. I am passionate about revolutionising the data economy and empowering businesses to become proactive rather than reactive when it comes to the management of their data, people and processes. My Co-founder and Co-CEO Philip Miller also has more than 20 years’ experience within the Financial Services sector, and specialises in high-performance computing, complex event processing and system integration.
Q: How can your software help businesses? Describe us a typical use case of your solution.
A: Solidatus helps businesses by providing transparency and trust in their data, something that is currently lacking due to the volume and complexity of data flowing through organisational data supply chains. Organisations are struggling with the accelerating rate of technical, business and regulatory change causing significant data challenges to manifest in areas such as: modernisation of tech stacks; move to cloud; data driven decision making utilising advanced analytics and AI. Solidatus helps with all of these use cases. The data challenges described above are then compounded by the unrelenting wave after wave of regulation, Data Privacy, BCBS239, CCAR, ESG, SMCR, to name but a few of the areas Solidatus assists with regulatory compliance.
Q: You’ve recently raised £14 Million in Series A funding; can you tell us something more?
A: 2020 was a year of massive growth for us as we doubled in size, grew our client base globally, and continued to improve the data economy across multiple industries – from finance, to government bodies, to retailers.
The belief of our lead investor AlbionVC in the Solidatus offering is palpable. They bring so much to the table including sharing in our vision for growth and future developments. Of course, we couldn’t imagine starting 2021 with better news than this Series A investment round from all three of our partners, two of which are also clients in Citi and HSBC. But as well as investment, this milestone is so significant for us as it means we can develop our business with direct support from some of the largest organisations in the world. In addition to the funding their attachment marks a scaling up of our company from a promising self-funded and profitable fintech start up to a real global contender. This has shown we are more than ready to swim with some big fish!
Q: What are your plans for the future? Do you have any new features in the pipeline?
A: Following the last remarkable year and this Series A investment round, we are naturally going to use this year to expand further across the US, continue to hire, and grow our client base as well as further develop the software to meet our clients’ needs and requests. We actively make our platform development conversations a two way street, and incorporate our clients’ feedback in order to improve in the right areas. We are also planning on rolling out our industry-first ESG data lineage methodology to support organisations moving towards achieving better and more practical environmental and social responsibility goals. ESG values are increasingly important to understand and adhere to, as consumers increasingly use good ESG reputations as a buying factor. As a result, companies want to make sure that their principles on sustainability and good governance values are appreciated and are being performed efficiently and with real benefit. That’s where our model can come in – to improve this efficiency and ROI.
Expect further announcements from us later this year on our industry-leading platform updates, including Cloud Data Management and Data Sharing capabilities, and broadened integration with other technology, as just some of our planned functionality enhancements.
Q: What’s the best thing about Solidatus that people might not know about?
A: We have built a unique temporal, bi-temporal versioned graph, which means clients can not only map the complex data relationship within their organisation, but also see how those relationships evolve over time and run scenario analysis of how they might evolve into the future. This introduces multiple timelines to an organisation’s connected data, providing not only the ability to visualise data at scale and over time, but also perform impact analytics to understand what happens when something changes. No other product on the market provides these unique capabilities, let alone in a solution that is as rapid, intuitive, shareable and useable by all departments at user levels. This empowers an organisation to achieve demonstrable ROI from their data management efforts, very quickly.
Our ambition is not only engineering a very necessary piece of software, but also to build a company that is collaborative, inclusive and forward thinking – a tech company of the future in terms of our ethos as well as our product.