Heckyl Technologies founded in December 2010 caters real time news and data analytic information to brokerage firms, short term traders, investors and fund managers. They have integrated their solution with trading terminals which provide information, visuals, heat maps of sentiments and market data to help traders find the trading find the opportunity to trade.
They developed a simple investment tool called Heckyl. This tool aggregates content from social platforms like Twitter, Facebook, Online publishers such as analyst reports.
‘Information will be scanned for each story of the feed, word by word, finally identifying the sentiment. This information will be combined with ratings of the source to generate a color code – Red, Green and grey which denotes negative, positive and neutral. Heckyl, comes from a bird who can count numbers, differentiate between objects and when times comes, can take complex decisions’, as per Co-founder and CEO Mukund Mudras.
Heckyl was specifically built for brokerage firms has client base of 20 firms namely Angel Broking, Motilal Oswal Securities, SMC, JM Financial and few leading clients. The model is simple, users can access the information for free thru brokerage firm platform. If they require deep insights on a company or a commodity they have to pay a monthly fee. The monthly fee component will be shared between the brokerage firm and Heckyl in ratio of 20:80.
Thru the revenue sharing between brokerage firms and Heckyl, brokers will get additional source of revenue and users will be able have more insights on their investments. Heckyl has partnered with many brokering firms for growth. In the first year of operations, they had 500,000 users from 3 brokering firms, saw exponential growth of 1 million users recently.
Heckyl Technologies have beaten Yahoo finance, since Yahoo had very little information about Indian financial markets which were capitalized. Users were able to get detailed and analytical information on their investments.
Earlier investors used to find information in either referring various websites for detailed information which was cumbersome and time consuming or checking in Bloomberg terminal for various analytical inputs which was unaffordable due to cost factor.
Heckyl Technologies was started by four ex Merrill Lynch employees Abhijit Vedak, Jalson Mathews, Mukund Mudras and Som Sagar. The company has raised $1 million seed investment from Seedfund Advisors in 2013. They further raised $ 3.5 million ‘A’ series funding from IDG ventures and Seedfund Advisors in December 2013.
Heckyl provides services that falls under the news and data analytics, which approximately $50 billion global opportunity. While they will continue to tap into brokerage market. Heckyl is now poised to release data mining platform for financial institutions and hedge fund industry. ‘We at Heckyl are very excited about the new capabilities that our big data platform will deliver to our clients’, according to Som Sagar, COO of Heckyl Technologies.
The company received second tranche funding Series B $18 million in 2014. These funds will be utilized for further expansions in the market.
Heckyl Technologies has another product namely FIND (Financial In News and Data) – Developed its own Semantics based rules engine that transforms unstructured data into structured data provides an analytical platform for investors, traders and researchers combined with human intervention, computer language processing and a simple intuitive display. The software collects news from various sources based on credibility of sources on various parameters like source’s reputation. If the source is authentic and reliable like Reserve Bank of India, higher the rating. It looks for the view, similarly rated and credibility of the individual providing the view.
Agencies like Reserve Bank of India (RBI) or Securities Exchange Board of India (SEBI) provide more authentic and credible information and companies speaks about themselves thru corporate actions announcements will be more credible, since financial statements comes from them. Least questions will be asked on this information, since they have come from credible and authentic sources.
Around 800,000 investors use FIND which offers information that connects the News, Price and Fundamental universe of data which offers trading opportunities with 360 degree view of financial markets.