HICX secures £15m funding and refinancing to close supplier data gap
HICX has announced a £15 million growth funding and refinancing package by HSBC Innovation Banking and current investor Wavecrest Growth Partners.
The funding comes as enterprises place greater weight on trusted supplier data as a foundation for procurement, compliance, risk management, and AI-enabled decision-making.
HICX operates as the foundational layer, enabling large organisations to operate a governed, reliable supplier data backbone that works alongside existing enterprise systems as supplier data becomes a boardroom priority.
The company will use the capital to continue investing in its platform and current customer roadmap, expand commercial capability for new and existing customer and pursue selective acquisitions.
“At a time when AI automation and regulation are both raising the stakes, this is a strong vote of confidence in our position as the governed supplier data foundation that large enterprises rely on to ensure their supply chains can run smoothly”, said Dafydd Llewellyn, CEO of HICX. “We are investing in the platform and product roadmap and expanding our go-to-market capability to deliver the certainty our partners need on their data foundations.”
“We’re excited to play an important role in the next chapter of HICX’s growth story, as the company looks to increase its footprint and focus on further product development,” said Suraj Mistry, Director of Leveraged Finance and Sponsor Finance at HSBC Innovation Banking. “We’re delighted to be supporting HICX with this strategic milestone and are proud to work with innovators, like HICX, to help them access the tools and resources they need to scale at pace.”
“Wavecrest knows HICX well, and our decision to invest further reflects our conviction in both the company’s direction and the leadership team executing it”, added Vaibhav Nalwaya, Managing Partner at Wavecrest Growth Partners. “As enterprises increasingly focus on AI and automation, more of what they do across procurement, finance, and risk depends on supplier data they can trust, and HICX has built the platform that makes that possible at scale. This transaction gives them the resources to press that advantage.”
HICX brings more than 22 years of experience and operate and support deployments in more than 120 countries. Customers have achieved up to 86% faster supplier onboarding and 70% reduction in supplier administration costs, demonstrate the impact HICX delivers for its partners.
HICX’s platform is used by large global organisations to manage supplier onboarding, supplier information, risk and performance through a single supplier data foundation.
The company’s positioning is built to complement existing procurement, finance, and supply chain systems rather than replacing them.
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