ArchiveSocial, a platform helping organisations archive social media to meet communication regulation compliance, has netted $53m in funding.
The capital was supplied by growth equity firm Level Equity, which is based in New York and San Francisco. Proceeds from this have been earmarked for accelerating the company’s expansion.
ArchiveSocial is used by organisations operating within the financial services, law enforcement, education and government spaces. Its platform helps clients capture and archive information shared through social media, such as Facebook and Twitter, helping them to comply with record-keeping regulations and mitigate risk related to social media.
Last month, the company revealed its Web Snapshots solution, which automatically captures visual snapshots and legal records of website content within a customer’s existing social media archive.
The RegTech has witnessed strong growth over the past 18 months. Particular milestones include the doubling of its customer base and moving past the 2,000-customer mark.
ArchiveSocial founder and CEO Anil Chawla said, “Social media has enabled an unprecedented level of transparency in government and is now the primary channel for public officials and agencies to communicate with the public.
“The ever-evolving nature of social media, however, also magnifies risk and the need for thorough and accurate record keeping. The investment and support from Level Equity strengthens our position as the market leader in social media archiving and allows us to further expand our best-in-class technology platform to support the growing needs of our current and future customers.”
Communication monitoring is becoming a rising issue with regulations such as MiFID II and Dodd-Frank putting increased emphasis on it.
Theta Lake, which helps companies maintain communication compliance through audio, video and text, recently closed its own funding round, securing a $5m seed led by Neotribe. The company also formed a partnership with Zoom Video Communications which will help Zoom users automatically identify compliance risks in videos, whether it is shown, shared, spoken or written.
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