Funding will Scale Digital Platform to Transform Regulatory Compliance and Business Intelligence for Electric Utilities, Gas Utilities, Oil Pipelines
Birmingham, Alabama, December 8, 2021 — HData, an early-stage RegTech startup delivering automated compliance and instant business intelligence to the U.S. regulated energy industry, has announced the closure of an oversubscribed $3.1 million seed investment round. Founder and CEO Hudson Hollister announced the new funding on stage at the Techstars Alabama EnergyTech Accelerator Demo Day in Birmingham. Co-founder and Chief Technology Officer Yuval Lubowich and HData’s staff and investors joined Hollister for the announcement.
HData’s digital platform allows electric utilities, gas utilities, and oil pipelines to automate their compliance with federal reporting requirements and delivers business intelligence and insights unavailable anywhere else. The platform has been adopted by 30 enterprise customers in the energy industry within the first six months, with dozens more considering adoption.
HData’s seed round was led by Chicago-based Hyde Park Venture Partners and co-led by Firebrand Ventures, based in Boulder, Austin and Kansas City. Firebrand partner John Fein will join HData’s Board of Directors.
“HData is the first RegTech company to combine compliance and business intelligence,” said Hyde Park Venture Partners co-founder Ira Weiss. “We are proud to lead HData’s push to scale this revolutionary platform across the regulated energy industry, and beyond.”
“Firebrand Ventures is thrilled to join HData’s startup journey,” said Fein. “HData exemplifies the early-stage companies where we find great value: located in emerging communities and led by exceptional founders.”
“HData’s platform is repeatable across every regulated industry — a total addressable market that exceeds $100 billion,” said HData Board Member Noraan Sadik. “With the U.S. House of Representatives’ recent passage of the Financial Transparency Act, which will require every financial regulatory agency to do what the FERC has just done, HData is positioned to scale its RegTech platform to the banks and beyond.”
HData also announced a new partnership with Alabama Power Company, in which Alabama Power will purchase an enterprise license for the HData Data Hub and enter a design partnership to work alongside HData’s team to develop the next generation of energy regulatory business intelligence.
Other investors include:
- Revolution’s Rise of the Rest Seed Fund
- Ascent Energy Ventures
- Frontier Venture Capital
- Alabama Power
- Start Something Ventures
- John Hanger
- Tony Mealey
- Abinav Sankar
HData’s mission is to digitize the interface between the regulatory sector and the private sector. HData’s leaders apply over 50 years of experience in regulatory data to make life easier for professionals who comply with regulations, enforce regulations, and use regulatory business intelligence.