Raises $2.5m in tokenised preference shares and is eyeing $15m more to defeat fraud globally.
Heliocor, the emerging RegTech from India via California, raises $2.5m in tokenised preference shares and is eyeing $15m more to defeat fraud globally. Vikas Tripathi, Managing Director of City of London based regulatory technology company Heliocor, has announced that the business has raised $2.5m in scale up funding from global High Net Worth investors using a brand new and potentially disruptive investment process. This is the first time this funding process has been used in the UK.
India-born Mr Tripathi was an early employee at pioneering Indian start up, i-flex solutions, acquired for almost $1billion by California-based Oracle, for whom he subsequently worked around the world for many years. He settled in London, the world’s capital for fintech, in order to grow a world beating business that would defeat fraud – Heliocor.
The funding was achieved through the first of a series of preference shares offers in terms of which, investors participate in 20% of Heliocor’s future profits and their investment is intended to be represented by a digital token, using blockchain technology, potentially providing significant liquidity in future.
The offer was partly made through UK based, Globacap’s fundraising platform (www.globacap.com) which uses a combination of public and private blockchains to create digital securities, and partly by private placement. Globacap is an FCA regulated arranger and custodian, having progressed through the FCA’s regulatory sandbox programme.
Funds raised are to be used to enhance the core products built by Heliocor’s Barcelona Technology Development Centre. Launch and build the Dokstor app as a global consumer brand and accelerate international sales of the RoboliticsTM high-speed data analytics engine.
Heliocor has now begun promotion of the next round of its preference share offer, being marketed exclusively to international sophisticated/qualifying investors, and is looking to raise up to an additional $15m. In addition to bolstering its current offices in London, Barcelona and New York, that funding is intended to establish new offices in Singapore, Hong Kong and India in 2019.
Vikas Tripathi, MD of Heliocor, commented, “Tackling digital identity fraud and restoring trust in the system is a huge challenge. I am pleased to be able to bring a global vision to this global problem and grateful that our investors have shown their belief in our ambitious growth plans.”