HEXANIKA is a privately held company specializing in AI-driven data management and regulatory compliance solutions for financial institutions. Founded in 2014, the company aims to simplify complex data processes, enhance data quality, and improve auditability for banks, financial institutions, and insurance companies. By automating data sourcing, management, and reporting, HEXANIKA helps clients reduce costs and increase operational efficiency.
Key Strategic Focus
HEXANIKA's strategic focus centers on providing end-to-end, self-service software solutions that address data sourcing and reporting challenges, particularly in regulatory compliance. The company's core objectives include automating and consolidating data management processes to reduce costs and improve efficiency. HEXANIKA leverages proprietary AI and Big Data technologies to offer solutions such as SmartReg for regulatory reporting and compliance, and SmartDetect for anti-money laundering (AML) and fraud detection. The primary markets targeted are banks, financial institutions, and insurance companies seeking to streamline their data management and compliance processes.
Financials and Funding
As of January 2025, HEXANIKA's annual revenue reached approximately $3.8 million. The company has raised a total of $2.86 million over multiple funding rounds, including a crowdfunding round in February 2022 that secured $543,000. Notable investors include the Independent Community Bankers of America and several angel investors. The capital raised is intended to enhance product functionalities, expand market reach, and solidify HEXANIKA's position as a leader in data management solutions.
Pipeline Development
HEXANIKA's product pipeline includes:
- SmartReg: A regulatory reporting and compliance solution that automates data ingestion, mapping, and reporting processes, providing 100% data lineage and transparency.
- SmartDetect: An AML and fraud detection solution that utilizes AI and machine learning algorithms to monitor transactions and identify suspicious activities.
These products are designed to address the evolving needs of financial institutions in managing data and compliance requirements.
Technological Platform and Innovation
HEXANIKA's technological platform is distinguished by its proprietary AI and Big Data algorithms, which automate and consolidate data management processes. The platform employs machine learning techniques to enhance data quality, governance, and reporting accuracy. Notable proprietary technologies include:
- SmartJoin: A solution based on a Big Data framework that uses semantic, heuristic, and machine learning logic for integrating, consolidating, aggregating, and managing structured or unstructured data from disparate sources.
These innovations enable financial institutions to streamline their data processes, reduce costs, and improve compliance outcomes.
Leadership Team
HEXANIKA's leadership team comprises experienced professionals with extensive backgrounds in technology and financial services:
- Yogesh Pandit: Founder and CEO with over 20 years of experience in technology and banking. Prior to HEXANIKA, he served as Senior Vice President at Citibank and worked with Ernst & Young in Financial Services Strategy and Risk Advisory.
- Makarand Gadre: Chief Technology Officer with over 30 years of experience in software product development. He has held strategic roles at Microsoft, contributing to products like MS Excel, MS Office, Windows, and Visual Studio.
- Arun Iyer: Chief Product Officer with more than 21 years of experience in financial services, focusing on risk management and consultancy roles in brokerage firms.
Competitor Profile
The regulatory technology (RegTech) market is experiencing significant growth, with the global market estimated at $6.3 billion in 2020 and projected to reach $55.3 billion by 2025. Key competitors in this space include:
- Hummingbird: Focuses on anti-money laundering compliance technology, offering efficiency gains for banks and financial service companies.
- Collibra: Provides data governance and cataloging solutions to help organizations manage their data assets.
- Talend: Offers data integration and integrity solutions, enabling organizations to collect, govern, transform, and share data.
These competitors emphasize data management and compliance solutions, presenting a competitive landscape for HEXANIKA.
Strategic Collaborations and Partnerships
HEXANIKA has established significant partnerships to enhance its market position and innovation capacity:
- IBM: Collaborated to integrate HEXANIKA's solutions with IBM's technology stack, expanding reach and capabilities.
- RSM: Partnered to offer combined expertise in data management and compliance solutions to financial institutions.
- Amazon AWS: Utilizes AWS infrastructure to provide scalable and secure data management solutions.
These collaborations strengthen HEXANIKA's offerings and extend its market reach.
Operational Insights
HEXANIKA's strategic considerations include differentiating its offerings through proprietary AI and Big Data technologies, focusing on automation and consolidation of data management processes. The company's partnerships with industry leaders like IBM and RSM provide a competitive edge. However, challenges include a competitive RegTech market and the need to expand its team to support growth and innovation.
Strategic Opportunities and Future Directions
HEXANIKA aims to become a leader in providing data solutions to financial institutions by enhancing product functionalities and expanding into new markets, including Europe, the UK, and the Asia-Pacific region. The company's focus on leveraging AI and Big Data positions it to address the growing demand for efficient data management and compliance solutions.
Contact Information
- Website: hexanika.com
- LinkedIn: linkedin.com/company/hexanika
- Twitter: @hexanika
- Facebook: facebook.com/hexanika
