HICX lands GBP £15 million backing from HSBC, Wavecrest

HICX has secured a £15 million funding and refinancing package from HSBC Innovation Banking and Wavecrest Growth Partners, adding fresh backing from existing investor Wavecrest.

The supplier data management company will use the money to invest in its platform and product roadmap, expand its commercial team for new and existing customers, and pursue selective acquisitions.

HICX operates in a market where procurement, compliance and risk teams are under pressure to improve the quality of supplier information. It positions itself as a system that sits alongside existing corporate software rather than replacing it. Large organisations are placing greater emphasis on reliable supplier data as they bring more automation and artificial intelligence into procurement and decision-making.

That has made supplier information a broader management issue, particularly for multinationals dealing with changing rules, complex supply chains and internal demands for cleaner data. HICX says its software manages supplier onboarding, supplier information, risk and performance through a single data foundation.

The business has operated for more than 22 years and supports deployments in more than 120 countries. Its customers include Mondelez, Baker Hughes and EDF Energy.

HICX says customers have achieved up to 86% faster supplier onboarding and a 70% reduction in supplier administration costs. It did not disclose the valuation attached to the latest funding package.

Boardroom focus

The financing comes as corporate boards take a closer interest in the data underpinning procurement and supply chain management. Poor supplier records can create problems for compliance checks, risk oversight and operational planning, while companies are also trying to ensure automated systems rely on accurate information.

HICX argues this is creating demand for a governed supplier data layer that connects with procurement, finance and supply chain systems already in place. Its approach is aimed at businesses that want greater control over supplier records without replacing broader enterprise software estates.

Dafydd Llewellyn, chief executive officer of HICX, outlined the company's view of the market backdrop.

"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," Llewellyn said.

"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," he added.

Investor backing

The transaction combines new growth funding with refinancing support. HSBC Innovation Banking joins Wavecrest, which was already an investor in the company and has now increased its backing.

For HSBC Innovation Banking, the deal adds another software-focused transaction to its technology lending activity. The bank said HICX's next phase would focus on expansion and product development.

"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," he added.

Wavecrest said its additional investment reflected confidence in the company's direction and management team. The investor also linked the opportunity to a broader push by enterprises to strengthen the data used across procurement, finance and risk functions.

"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," said 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," he added.

The latest financing suggests investors still see scope in software groups focused on the underlying data used by large companies, even as buyers become more selective about spending. In HICX's case, that bet rests on a relatively narrow but increasingly visible problem: keeping supplier information accurate enough for global organisations to use across compliance, procurement and risk management.